Newsletter

Banks and charities urged to do more to protect scam victims

The Chartered Trading Standards Institute (CTSI) has called for banks and charities to take greater responsibility for those who may be vulnerable to scams.

The CTSI commissioned a report from Bournemouth University's National Centre for Post Qualifying Social Work into scam victims, and its recommendations to financial institutions and charities include:

  • recognising their duty of care to dementia sufferers who could make an 'unwise decision' as a result of their cognitive state
  • allowing vulnerable people to put a 24 hour delay on new or large transactions from leaving their bank accounts and sending an email or text alerting a carer or loved one at the start of that period
  • adopting a default that personal data is not shared without a clear opt in and that it is not held for longer than 12 months before permission is sought again.

This last measure is an attempt to prevent the creation of lists of vulnerable people, which are sold between criminals. According to Trading Standards officers, there are nearly 200,000 potential victims on such lists, who may be targeted by mail or doorstep scams. Victims of scam mail have an average age of 74, and have typically lost more than £1,000.

Leon Livermore, CTSI chief executive, stated:

'Vulnerability is not a term that is defined in law, which means it is difficult for professionals to introduce measures to protect vulnerable people.

'We believe that banks and charitable organisations can do more without the need for legislation and that these relatively straightforward asks would lead to a dramatic reduction in detriment.

'Adult social care faces a massive funding shortfall and people who are scammed are much more likely to need support. These measures will protect our ageing population and reduce the burden on the state.'

Internet links: CTSI news item Guide 



Our other services...

Financial Accounts Financial Accounts

We can help with the preparation of accounts for all types of business. Whether you are a Sole Trader, Partnership, Limited Company, Limited Liability Partnership or a Charity, AGP has the expertise to deal with you. We help you fulfil all your obligations with HMRC, Companies House and any other regulatory body that you are required to report to.

Audit Audit

An audit provides a high level of independent assurance of the financial position and results of an organisation. This gives shareholders confidence that the reported performance of the business is accurate as well as providing external users with certainty that the accounts show a true and fair view. An audit lends credence to the company accounts in a number of ways.

Tax Planning Tax Planning

It is important to ensure your tax planning reflects any changes to your circumstances which is why we work very closely with all our personal clients. AGP are trusted to manage tax efficiently. Sometimes just a simple review of your personal tax circumstances can reveal significant tax saving opportunities which can be realised quickly and at minimal cost..

Payroll Services Payroll Services

AGP can become your own part-time Payroll Manager. An expert who knows the complexity of the relevant legislation inside out and for a fraction of the cost of an internal manager. Why not outsource this obligation and spend the time saved doing what you do best, running your business?

Corporate Taxation Corporate Taxation

Corporation tax can be a huge outgoing for your company if it is not managed correctly and planned appropriately. You can trust AGP to employ a holistic approach to your tax planning whether you are a medium sized SME, an international organisation or a small owner-operator.

Management Accounts Management Accounts

Management accounts allow business owners to exert a far greater degree of control over their business, recognising and addressing problems and identifying opportunities soon after they arise.

Bookkeeping & VAT Bookkeeping & VAT

When running a business, priorities are often focused on the operational side of your business. Bookkeeping & administration can often be put off until it becomes quite a major task. By taking advantage of our bookkeeping service, we can take this problem away so you can get on with running your business while we manage your accounting books.

Company Formation Company Formation

We take away the hassle. Whether starting a new business or restructuring an existing one, our extensive knowledge of company formation means we can advise you on the merits and possible pitfalls of incorporation.

Contractor Accounts Contractor Accounts

We have a wealth of experience in the contractor market and as a result there are not many firms of Chartered Accountants that can claim they know the contractor industry as well as AGP. This leads to a number of benefits.