The BBA is now integrated into UK Finance. Please go to www.ukfinance.org.uk for new content and updates from UK Finance.
Material published by BBA prior to 1st July 2017 is still available on this website.
From 1 July 2017, the finance and banking industry operating in the UK will be represented by a new trade association, UK Finance. It will represent around 300 firms in the UK providing credit, banking, markets and payment-related services. The new organisation will take on most of the activities previously carried out by the Asset Based Finance Association, the British Bankers’ Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association.x
What to look out for: brochures through the post and cold calls from “investment brokers” you don’t know offering big money deals
Fraudsters pressure would-be victims with calls to their home urging them to hand over thousands of pounds in return for “buy now or lose out” investments in diamonds, rare earth metals, storage, wine or even carbon credits. But the commodities are often overpriced or non-existent.
Some people have been lured into handing over their entire pension pot after the promise of high returns. The average victim of an investment scam loses £20,000.
Criminals use persuasive, hard-sell tactics, that often include using impressive job titles, Technical jargon and creating a sense of urgency.
Criminals will often advise victims to keep the investment a secret. Beware of companies that give only po box addresses and mobile contact numbers.
Brian, aged 66, Leicestershire. Former civil servant.
He was called by a persuasive man claiming to be a broker for a Japanese company selling shares. Brian was sceptical at first but a slick, professional looking website with a Japanese contact number convinced him to invest around £350,000. When Brian’s family became aware they contacted the police who could prove the man had operated other websites offering fraudulent investment deals, confirming suspicions that Brian had become this criminal’s latest victim.
The Financial Reporting Council (FRC) has been looking at how best to rationalise some of the audit guidelines in place by better integrating the guidance into the auditing standards themselves. Read More
Mike Conroy, BBA, Executive Director, Corporate and Commercial Banking said: “The first quarter of this year saw an upturn in applications for loans and overdrafts from SMEs, although volumes were Read More
Ian Jordan, Chair of the BBA’s Northern Ireland committee, said of the latest data: “The first quarter of the year saw an increased number of SME loan applications, leading to Read More