Contrary to popular belief, money lost in transferring funds to a scam investment need not be lost forever. There are standards that regulated financial institutions including banks need to adhere to before allowing the transfer of funds. Depending amongst other things, upon the date of the transfer, the nature of the beneficiary and the individual’s personal circumstances, the bank may be forced to return the funds plus pay interest.

Case Study 1:

Mr F invested a non-regulated company called “X-Core Capital”, incurring losses of approximately £170,000.00. We issued a carefully drafted complaint to the bank and the bank upheld the complaint, awarding our client over £125,000.00. The bank agreed to shortcomings in its service to our client.

Case Study 2:

Miss K transferred money from her electronic bank provider for investment into “Blue Trading”, subsequently publicised as a scam. The bank did not uphold our complaint; however, the investigator at the Financial Ombudsman Service found that the bank failed in its duty of care to our client and requested the bank to reimburse our client for the full amount lost.

If you have lost money through a scam investment paid for by bank transfer, please get in touch.