Protecting your family

Calls for banks’ voluntary scams code to be made compulsory

MPs have told banks that unless they introduce certain fraud measures by March 2020 regulators should consider sanctioning them.

The Treasury Select Committee says that banks should also consider reimbursing victims of authorised push payment fraud (APP) to help tackle the “serious and growing problem” of economic crime in the UK.

In the first half of this year, £616 million was stolen from UK bank customers, according to UK Finance.

Keep your wits about you – a history of financial scams

Conmen have always tried to cheat people out of their money. But investment frauds have become more sophisticated in recent years, and activity has soared ever since the Pension Freedoms of 2015 opened up the potential for criminals to dupe people out of their entire life savings in one swoop. Last year alone, Britons lost almost £200 million to scammers.

Fraudsters using fake celebrity news in ‘get rich quick’ investment scam

Scam artists are using fake news stories on social media featuring celebrities such as Holly Willoughby to trick unsuspecting people into signing up to “get rich quick” investment schemes.

The criminals are using photographs taken from Ms Willoughby interviewing Akshay Ruparelia, who became a millionaire after launching his online estate agent while still at school.

However, instead of the actual interview in which Mr Ruparelia talked about his business, the story explains how people can sign up to an online trading platform that does not actually exist.

Editor’s Comment: why is Lasting Power of Attorney such a big deal?

The conversation with elderly parents or friends about putting in place a Lasting Power of Attorney (LPA) – a legal document that appoints one or more individuals (attorneys) to make financial and/or healthcare decisions on their behalf if they lose the mental capacity to run their own life – is unlikely to be a particularly easy one to start.

Who gains from my pension if I die?

March 14, 2017

These are the various types of pension and what can be passed on in each case on the death of the pension-holder, according to Ed Monk at Fidelity.