Bank transfer fraud victims face total lottery on refunds, warns Which? | Business News

Victims of bank transfer scams face a “total lottery” over whether they will get their money back under a voluntary industry code, according to a consumer campaign group.

Which? said people who fell foul of authorised push payment (APP) fraud are being treated unfairly or inconsistently by banks and building societies when trying to get refunds, leaving some thousands of pounds out of pocket.

The criticism comes amid concerns that criminals have used the coronavirus pandemic as an opportunity to scam people into handing over money.

Image:
The banking industry says regulators should look at how other sectors, such as telecoms, are facilitating this type of crime

APP fraud happens when someone is tricked into transferring money directly to a fraudster.

A voluntary reimbursement code was introduced last year to make it easier for fraud victims to get their money back in situations where neither they, nor their bank is

Read More

Bank of England offers some better news but warns of economic ‘scarring’ | Business News

Let’s start with the good news.

And it might sound a little odd, given were facing a deep recession and a sharp rise in unemployment, to be talking about good news.

But still, the Bank of England’s latest forecasts for the economy over the coming year or two are unexpectedly more optimistic than most of the other projections we’ve seen from major economic institutions.

Rather than expecting unemployment to rise to three and a half million, as per the latest central scenario from the Office for Budget Responsibility, the Bank thinks it may peak at two and a half million.

Rather than expecting 1980s levels of joblessness, the Bank thinks the toll may not exceed the levels seen in the financial crisis.

Rather than expecting a very slow recovery from the initial dive in national income, the Bank thinks after around a 20% fall in the face of COVID-19,

Read More

BoE warns UK economy will not exceed pre-Covid-19 levels until end of 2021

The Bank of England has tempered its previous prediction that the UK economy would rebound swiftly from the recession caused by the coronavirus crisis, saying on Thursday that GDP would not exceed pre-pandemic levels until the end of 2021.

The monetary policy committee left interest rates on hold at 0.1 per cent with its target for the total stock of its asset purchases also unchanged at £745bn.

It said the initial hit from lockdown measures had not been quite as severe as it had projected in May, although it still expected output to be more than 20 per cent lower in the second quarter of 2020 than it had been in the final quarter of 2019.

The MPC was also more optimistic about the outlook for unemployment than it had been in May, predicting the jobless rate would peak at around 7.5 per cent at the end of this year

Read More

Jet2 warns Britons to return from Spain early or find their own way | Travel News

Jet2 has warned some of its customers in Spain that they should return to the UK earlier than planned or risk having to make their own way home.

The travel firm is suspending flights and holidays to Tenerife, Gran Canaria, Fuerteventura, Lanzarote, Majorca, Menorca and Ibiza up to and including 9 August.

Flights to mainland Spain had already been cancelled and the company is operating empty outbound flights to bring customers home until 3 August.

A spokeswoman said: “We are contacting customers who are currently in these destinations to advise them of their options regarding flying back to the UK.

“We appreciate that some of our package holiday customers were due to stay on holiday for longer than this and we apologise for any inconvenience caused.

“It is important to note that we are responding to a very fast-moving situation with updates coming from the government with little or no

Read More