Financial

Conservative MP Peter Gibson is calling for an independent report into the Blackmore Bond scandal to investigate exactly what went wrong while criticising the regulator as not being “fit for purpose”.

https://www.ftadviser.com/regulation/2021/03/08/appg-chair-calls-for-inquiry-into-blackmore-bond-scandal/

Police and staff working in bank, building society and post office branches stopped almost £900,000 of fraud in West Mercia through the Banking Protocol in 2020.

https://www.shropshirestar.com/news/local-hubs/2021/03/10/almost-900000-of-fraud-prevented-in-west-mercia/

Despite the Covid-19 pandemic, 2020 was an incredible year for crypto assets. Largely driven by the increased demand from institutional investors, Bitcoin shattered its previous price records. However, its pseudonymous nature and the ease with which it allows users to instantly send funds anywhere in the world makes crypto assets appealing to criminals.

https://www.kingsleynapley.co.uk/insights/blogs/crypto-assets-blog/current-trends-in-fraud-crypto-scams

Some of Britain's biggest banks are sounding the alarm bell over an increase in the contactless payment limits to £100 amid expectations that Rishi Sunak will unveil it as part of a 'Brexit dividend' in this week's Budget.

https://uk.news.yahoo.com/banks-warn-over-fraud-risk-111700684.html?soc_src=social-sh&soc_trk=tw&tsrc=twtr

Last year, the cryptocurrency sector witnessed increased mainstream adoption but it was accompanied by hackings and theft that resulted in the loss of millions of dollars.

https://www.finextra.com/pressarticle/86413/cryptocurrency-theft-on-the-rise

Lenders, brokers and conveyancers must learn the lessons from the government’s failure to prevent the loss of billions of pounds in Covid-related fraud since the satrty of the coronavirus pandemic, according to SmartSearch.

https://propertyindustryeye.com/fraudulent-bounce-back-loans-act-as-a-warning-when-it-comes-to-aml/

LONDON (Reuters) - Britain's financial watchdog must act faster on scams, its chair said on Monday as he announced that senior officials face pay cuts and no bonuses following criticism of the regulator's role in the collapse of London Capital & Finance (LCF) investment fund.

https://uk.finance.yahoo.com/news/britains-financial-watchdog-bosses-pay-160305312.html?soc_src=social-sh&soc_trk=tw&tsrc=twtr

The UK’s Financial Conduct Authority (FCA) has issued finalised guidance for firms on how to treat vulnerable customers, completing work that began as far back as 2013 and firming up the draft guidance issued to firms in July 2019.

https://www.pinsentmasons.com/out-law/news/fca-finalises-guidance-on-fair-treatment-of-vulnerable-customers

UK bank branch workers along with the police have stopped £45m ($62.6m) in fraud in 2020 through the Banking Protocol scheme.

https://uk.finance.yahoo.com/news/financial-fraud-uk-police-banks-banking-personal-finance-150149867.html?soc_src=social-sh&soc_trk=tw&tsrc=twtr

One in four investment scam victims in the past year has been aged over 55, losing nearly £26,000 on average, according to a bank’s data.