‘No industry consensus’ on how to compensate bank transfer fraud victims

The UK payments industry has failed to agree on how victims of bank transfer fraud should be refunded, according to the UK’s money transfer system operator.

Pay.UK, which operates the UK’s money transfer system, has concluded that there is “no industry consensus” to finance a central fund to reimburse innocent victims of Authorised Push Payment (APP) fraud.

Better-educated pensioners ‘more likely to be duped by scammers’

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.

Investment scams cost victims £29,000 on average

Last year, fraudsters stole £197 million from unsuspecting Brits, taking on average £29,000 per scam, according to Action Fraud – the national fraud and cyber-crime reporting centre.

The most common scams reported involved 'investments' in shares and bonds, foreign currency exchange and cryptocurrencies.

FCA proposes new pension directory to fight fraud

FCA proposes new financial services directory for consumers

By Holly Black

The financial watchdog wants to make it easier for investors to check that the firms they deal with are genuine.

The Financial Conduct Authority has suggested creating a new directory to help consumers check that companies and individuals working in financial services are legitimate.

Pension cold-calling ban delayed till autumn

A ban on pension cold calling has been delayed until autumn, the government has confirmed.

The Treasury says a consultation is first needed to ensure future legislation is both 'effective and robust'.

This is expected to be published in July to coincide with Economic Secretary to the Treasury, John Glen MP’s speech in parliament laying out the timeline for the Financial Claims and Guidance Bill, which the ban falls under.  

A HM Treasury spokesperson comments: 'We’re committed to introducing a ban on pensions cold calling as quickly as possible.