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Money Box: Driven to the brink by bank fraud

Driven to the brink by bank fraud

10/02/2018

BBC Radio 4 - Money Box, Driven to the brink by bank fraud

A businessman is planning to sue his bank after losing three million pounds to criminals.

The 'coincidence' of the three million pound bank fraud, support for mortgage interest, the Property Ombudsman opts out and refunds for power of attorney fees.

A Somerset businessman is planning to sue his bank after losing three million pounds to criminals. The fraud occurred the first time his firm tried to use the bank's online business facility. But his bank says he's been the victim of an unlucky coincidence. 

In just over 8 weeks, low-income households that receive mortgage support from the government will have the benefit switched off. Instead it will be replaced by a state backed loan, secured against their property. Only 5% of the people who received the benefit have signed up to the loan so far.

One of the organisations which handles property complaints, Ombudsman Services, has confirmed it's leaving that sector because they can only offer "a broken solution to a broken (housing) market".

And hundreds of thousands of people who have set up a power of attorney could be eligible for a refund after the government discovered they had been overcharging for the service.

Presenter: Paul Lewis 
Producer: Alex Lewis
Editor: Jim Frank.

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