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MP calls for all banks to follow TSB’s lead in fully compensating financial fraud victims

May 14, 2019 3:11 PM

Tim with representatives from UK FinanceLocal MP Tim Farron will table a motion in Parliament this week calling for all UK banks to follow TSB's lead in fully compensating all of their customers who are the victims of financial fraud.

In a letter to Tim, the Executive Chairman of TSB Richard Meddings said that the bank's new Fraud Refund Guarantee will protect customers against all types of transactional fraud losses - whether it's unauthorised transactions on their accounts or customers tricked into authorising payments to fraudsters.

Tim is writing to TSB to ask that their new scheme will also cover past victims of online banking scams.

Tim said: "This is really encouraging news that TSB have taken this step in agreeing to compensate victims of financial fraud.

"For too long banks have given their loyal customers the cold shoulder when it comes to giving them protection from fraudsters.

"From constituents who have come to my advice surgeries about this, I know that the pain, both economically and emotionally, of being scammed out of thousands of pounds is horrific.

"So, it's absolutely paramount that the other banks follow TSB's lead with this."