Financial

LONDON, June 13 (Reuters) - Victims of one of Britain's biggest banking frauds will be offered 3 million pound ($3.66 million) compensation packages, a source familiar with the matter told Reuters on Monday.

https://www.reuters.com/business/finance/victims-hbos-reading-fraud-offered-3-million-pounds-compensation-2022-06-13/

London magistrates sentence Michael Strubel to more than six years for failing to pay compensation

https://www.theguardian.com/uk-news/2022/may/27/ponzi-style-conman-jailed-for-failing-to-repay-victims-of-72m-fraud-michael-strubel

A convicted fraudster who mislead investors out of £72.5mn has been jailed after failing to pay his confiscation order.

https://www.ftadviser.com/investments/2022/05/30/investment-scammer-jailed-after-failing-to-return-proceeds/

The Financial Conduct Authority centres its work around its three key operational objectives: to protect consumers, protect financial markets and promote competition.

https://www.ftadviser.com/regulation/2022/06/01/what-capability-does-the-fca-already-have-to-tackle-fraud/

Some banks take more than an hour to answer calls to their fraud helplines.

https://www.lovemoney.com/news/140067/fraud-victims-face-lengthy-waits-and-high-charges-for-fraud-helpline-calls?source=1000693

Two company directors have been found guilty of fraud over fake investment schemes in Brazil which saw £37mn taken from investors.

https://www.ftadviser.com/investments/2022/05/31/pair-convicted-over-fake-green-investment-schemes/

Starling Bank is reeling from accusations from former Conservative minister Lord Agnew that the bank used the Government's Covid loan scheme as a "God-sent opportunity" to swell its balance sheets without conducting adequate checks on the ability of loanees to repay the debt.

https://www.finextra.com/newsarticle/40339/starling-bank-rocked-by-mps-attack-on-bounce-back-loan-fraud

If you have information about sanctions evasion or weaknesses in sanction controls we want you to report it to us.

https://www.fca.org.uk/firms/financial-crime/reporting-sanctions-evasions

MPs today called for a crack down on “dirty money” as they argued City bosses should face jail if they fail to prevent illicit cash from flowing through the UK’s financial system.

https://www.cityam.com/top-city-bosses-should-face-jail-over-failures-to-prevent-economic-crime-cross-party-mps-say/

Laura Suter, head of personal finance at AJ Bell, comments on the Government’s plan to force banks to reimburse fraud victims:

“The Government clearly doesn’t think the banking industry’s voluntary system for reimbursing fraud victims is doing enough, as it has announced plans to let the regulator force banks to compensate those scammed. It has branded the current scheme ‘inconsistent’ with ‘disparities’ between how banks hand out compensation and points out that it has left many victims suffering losses."