As TSB commits to refund all defrauded customers, will other banks follow suit – and should they?
This is Money Podcast
This is Money
4.1 • 650 Ratings
🗓️ 18 April 2019
⏱️ 50 minutes
🧾️ Download transcript
Summary
TSB says defrauded customers will now always get their cash back, which has piled pressure on other banks to do the same.
But will they – and should they have to? That's the question assistant editor Lee Boyce, reporter George Nixon and host Georgie Frost tackle in this week's podcast.
In all, £354million was stolen last year authorised push-payment frauds and until now, banks had refused to pay compensation, claiming the victims should have been more careful.
Elsewhere, we take a look at some of the new breed of smartphone apps could help you build a savings habit without even trying, as a report shows that many bury their head in the sand when it comes to financial decision making.
Private landlords may no longer be able to evict tenants at short notice and without good reason under a major shake-up of the rental sector.
The rate of annual house price growth in Britain has fallen to its lowest level for nearly seven years – with London and the South East seeing value drops.
And finally, an investigation has found Amazon is flooded with fake reviews which could be misleading us into wasting our money – should we trust the five stars and how can you spot the duds?
Transcript
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| 0:00.0 | Welcome to This is Money in Partnership with NS&I. I'm Georgie Frost and alongside me today is Assistant Editor Lee Boyce and reporter George Nixon. |
| 0:09.7 | And it's good news for victims of bank fraud, for renters chucked out for no good reason and savers struggling to save. |
| 0:16.1 | Bad news though for Amazon shoppers, London house sellers and procrastinators. |
| 0:20.4 | All that and plenty more and don't't forget, you stay up to date. |
| 0:22.7 | With all the latest breaking money news, just go to this ismoney.com.com. |
| 0:25.7 | UK or download the app. |
| 0:27.8 | This is Money. |
| 0:29.1 | Brought to you in partnership with NS and I, |
| 0:31.7 | giving your little ones a head start with our junior ISA. |
| 0:34.8 | But first, more help for innocent victims of scammers, even for those who unwittingly authorised payments to fraudsters, |
| 0:40.7 | who, under current rules, aren't automatically in line for a refund by banks. |
| 0:45.2 | But TSB had moved to clarify the situation for their 5.2 million customers. |
| 0:50.1 | They've become the first bank, the first UK bank, |
| 0:52.6 | to commit to covering all types of transactional fraud loss. |
| 0:56.0 | But it's not been universally welcomed. |
| 0:58.4 | Some in the banking industry argue it could lead to customers becoming complacent |
| 1:02.3 | and could even encourage fraudulent claims, pushing up costs for everyone else. |
| 1:07.6 | So, TSB's move, Lee, I have to ask, while I'm sure we all welcome this clarification |
| 1:13.2 | and this move, the motives for TSB being the first bank. Am I being a little bit cynical? I mean, |
| 1:19.7 | I'm just thinking of the IT screw-up fame of last year, or is there another reason? Well, the banking |
| 1:25.1 | industry have already largely signed up to a code of practice, |
| 1:28.7 | which is meant to be coming into play next month. So it's not like they've just completely, |
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