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MP calls on banking regulator to impose fines on banks that don’t help fraud victims

October 16, 2017 10:26 AM

South Lakes MP Tim Farron has called for the Financial Conduct Authority to impose heavy penalties for banks that don't help customers who have been scammed to get their money back.

The Cumbrian MP has put down a motion in the House of Commons after being contacted by Jane and Stephen Caldwell from Arnside who had lost over £100,000 through a banking scam earlier this year.

Jane said: "The morning after we were scammed I rang both of our banks - NatWest and Nationwide - to try and get our money back.

"However, they said there was nothing they could do to reimburse us - even though I'd banked with Nationwide for 30 years.

"Every single penny that we had, had gone.

"The money was emotionally important to Stephen as it was his pension and his inheritance from his father.

"The whole experience has been horrendous - like a living hell."

In a recent survey carried out by the consumer rights organisation Which? over 650 people that responded had lost a total of £5.5million through scams - with only very few getting their money back.

Tim said: "Jane and Stephen's story is a devastating one, and how they were treated by NatWest and Nationwide was nothing short of disgraceful.

"Banks have a duty to help their customers get their money back when they've been scammed - and there needs to be harsh consequences for banks if they don't.

"If banks had to bear the costs of fraud they'd do much more to stop it happening in the first place.

"That's why I'm calling for the Financial Conduct Authority to start imposing heavy fines on banks that don't help customers like Jane and Stephen, who have been scammed, to get their money back."