This morning the Treasury Committee is taking evidence from UK Finance, Santander UK and Nationwide Building Society as part of its inquiry into economic crime.
Letter from FOS to Chair ( PDF 865 KB)
Ahead of the evidence session, the Committee has published correspondence from the Financial Ombudsman Service (FOS), part of which focusses on economic crime.
In the letter, Caroline Wayman, Chief Ombudsman and Chief Executive of the FOS, said that the FOS received 8,500 complaints about fraud and scams in 2017/18, and have already received over 10,000 new cases this financial year.
Ms Wayman also spoke about the length of time that it can take for victims of fraud and scams to have their case resolved:
“On average it can take 38 days for one of these types of cases to be allocated to an investigator, an average of 99 days to be allocated to an ombudsman if the investigator’s view is not accepted, and thereafter 78 days to receive a final decision.”