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Banks accused of failing to protect customers from transfer scams One victim was offered 10p in compensation by their bank after criminals cleared their account of £17,500, Which? said. Which? said it was writing to lenders for an explanation, six months after the payments regulator stopped short of its demand that banks be made liable for authorised push payment losses that often involved "life-changing" amounts of money. The consumer group had launched a so-called super-complaint last year that pointed out that, unlike other payment methods, victims conned into sending money by transfer to a fraudster have no legal right to get their money back from their bank. - Sky News 16th May 2017

What more can be done to minimise the harm caused by bank transfer scams?

Eddy Weatherill says: Today 08:45 So far, banks have sat on their hands whenever possible following BBA agenda’s because they have been able to do so – regulators have allowed banks to change at their pace whilst allowing scammers to deprive many older people of their savings and their ability to remain independent. Banks have always been quick to make changes which suited them – but not very quick when it’s for the customer’s benefit. PPI and the sale of an unsuitable but very profitable bank product is just one illustration – which took too many years for compensation payouts although regulators could have prevented PPI sales much earlier. It makes a mockery of the FCA Principles -particularly the most important Principle – that of treating customers fairly. – Eddy Weatherill Chief Executive IBAS - 16th May 2017

Hi
I've signed Which?'s campaign to deliver Better Banks Which Campaign - We Deserve Better Banks
and I thought you would like to sign too.

People have told Which? that they don’t feel valued by their bank and that the banks don’t treat them fairly when things go wrong. At IBAS we know that is true for businesses we have helped over 25 years. Banks could do so much more to help us all get the most out of our money and by simply following the minimum Principle standard of treating their customers fairly.

We deserve a better service, and Which? wants the banks, the regulators and the Government to raise standards across the industry. So do I and IBAS.
If you agree with me, please sign the petition Which Campaign - We Deserve Better Banks

Many thanks,


Eddy Weatherill Chief Executive IBAS

IBAS comments on UK banking news 2017

IBAS business banking dispute negotiating experience has a proven strategy which provides claims and defences for business bank customers. IBAS has excellent banking investigation reputation and has featured on BBC TV, BBC TV News, ITV, Meridian and Sky News and contributed to editorials and articles for the Sunday Times, Times, Daily Mail, Daily Express and Daily Mirror.

 

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Last modified: 16th May 2017