It is widely acknowledged that scammers were set up and raring to go when the pandemic struck. Now we can see some of the damage.
Unauthorised financial fraud losses across payment cards, remote banking and cheques totalled £783.8m in 2020, a decrease of 5% compared to 2019, according to the latest Fraud Facts report by UK Finance, Accountancy Daily reports.
The slight fall may be because some nefarious activity was restricted by lockdown but that will be cold comfort to those who have lost money.
Scams are rising up the agenda. The MPs on the Work and Pensions select committee have accused Google of 'immorally' profiting from pension scam adverts, among some of the hardest hitting language used about the issue as the Telegraph reports.
The rather unedifying row between Dame Elizabeth Gloster and Bank of England governor Andrew Bailey continues. The governor and the judge continue to dispute whether he should have been named in her report on the regulation of LCF as the Sunday Times reports.
Hargreaves Lansdown expressed concerns on multiple occasions over illiquid holdings in Neil Woodford’s funds, according to evidence which has emerged as part of an ongoing legal case.
On a related topic, a new report from the Bank of England and FCA suggests that managers of most corporate bond funds overestimate the liquidity of their holdings.
Interesting stuff from the Pension Minister Guy Opperman on this FTAdviser podcast who suggests that putting measures in place to stop scammers targeting those looking to do a defined benefit transfer could help solve professional indemnity issues for advisers.
You have to ask would insurers agree?