The FCA has announced proposals to give victims of bank transfer scams more scope to make a complaint, and increase the powers of the Financial Ombudsman Service.
The proposed changes will also allow victims to escalate complaints to the Financial Ombudsman Service, so this is undoubtedly a step in the right direction.
Victims of this type of money transfer scam have told us that it can be a real struggle to get their complaints heard and to find out what has happened to their missing cash.
This is extremely distressing for people who have often lost life-changing sums to these increasingly sophisticated fraudsters.
We welcome the FCA’s announcement that gives victims new rights to ensure that the recipient banks and building societies are fully engaged in the complaints process and gives them the right to take their case to the Financial Ombudsman if they feel they have been treated unfairly.