Reporting Scams and Lifetime ISAs

Money Box

BBC

Business

4.2 • 804 Ratings

🗓️ 21 December 2024

⏱️ 25 minutes

🔗️ Recording | iTunes | RSS

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Summary

More than 800,000 people have called a dedicated fraud line, which connects them with their bank if they think they’re being scammed, since it started 3 years ago. Stop Scams UK, which set up 159, says 20 banks are now part of the service. We'll hear from a woman who called the number after losing £4,000 in a scam and find out more about how it works.

Complaints about the wealth manager St James Place have risen sharply amid a major historical review of the ongoing fees it charged its customers. Fifteen thousand clients complained to the company directly in the first half of this year, and complaints to the Financial Ombudsman Service quadrupled in that time compared to the year before. St James Place says beginning last year, it saw an increase in the number of complaints received. While these have since reduced, it continues to do everything it can to work through them as quickly as possible. It has put in place processes including training and recruitment to maximise the number it can complete without jeopardising the quality of the investigation, and says that it apologises for any delays clients may experience during that time.

Some first-time buyers are finding that Lifetime ISAs, a government scheme that adds a 25% bonus to everything you put in towards your deposit, aren't working for them when they come to buy a home. It is because there's a £450,000 cap on the price of the property you can buy, which some find prices them out of buying where they live. The Treasury says that across the vast majority of the country and in most London boroughs, the average price for a first-time home remains below the cap.

Presenter: Felicity Hannah Reporter: Dan Whitworth Researcher: Emma Smith Editor: Jess Quayle

(First broadcast 12pm November 23th 2024)

Transcript

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0:00.0	You're about to listen to a BBC podcast, but this is about something else you might enjoy.
0:05.4	My name's Katie Lecky and I'm an assistant commissioner for on demand music on BBC Sounds.
0:10.8	The BBC has an incredible musical heritage and culture and as a music lover, I love being part of that.
0:17.5	With music on sounds, we offer collections and mixes for everything, from workouts to
0:22.4	helping you nod off, boogie in your kitchen, or even just a moment of calm. And they're all put
0:28.3	together by people who know their stuff. So if you want some expertly curated music in your life,
0:34.9	check out BBC Sounds.
0:41.3	BBC Sounds, music, radio, podcasts. Hello, lots to cover in this Moneybox podcast. The number of complaints made to the financial
0:47.3	ombudsman about one of the UK's largest wealth management companies has almost quadrupled.
0:52.3	We'll hear from one frustrated listener and ask what
0:55.1	unhappy customers can do. Plus, some first-time buyers are finding that a government scheme
1:00.1	designed to help them save a deposit is losing them money as house prices climb. But first,
1:06.1	more than 800,000 calls have been made to a special dedicated fraud line, which connects people to their bank if they think they're being scammed.
1:15.1	Three years ago, Stop Scams UK launched the number 159. You ring it, you say your bank's name, and you get connected directly.
1:22.8	Stop Scams says 20 banks are now signed up, covering the vast majority of UK current accounts.
1:28.9	Now Moneybox gets so many emails from distressed listeners who've been caught out by fraudsters.
1:34.6	Dan Whitworth has been speaking to one victim who dialed the number 159.
1:38.8	Her life was upturned after a call from a criminal network pretending to be her bank.
1:46.0	This doorbell ring is just a few seconds before the moment.
1:49.0	Moneybox listener Jenny had £4,000 in cash stolen from her by fraudsters.
1:57.0	Hi, I'm.
1:58.0	This is a cross for a post for a hour.
	...

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