Inquiry into Pioneer Mutual bank collapse as savers refunded £3.3m two years after auditors warned of its future as a going concern
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£3.3m payout: Probe over collapse of Scots bank two years after auditors warned of its future as a going concern AN INVESTIGATION has been launched into how £3.3m had to be refunded to thousands of savers as a Scottish community bank collapsed two years after auditors cast doubt over its future as a going concern. It has further emerged that the Barrhead-based Pioneer Mutual Credit Union which fell into insolvency failed to provide annual accounts to financial regulators since 2018.
PIMFA, Which?, UK Finance, FSCS And Work & Pensions Select Committee Chair Rt. Hon. Stephen Timms MP Call For Economic Harm To Be Included In The Governmentâs Forthcoming Online Safety Bill Date
11/03/2021
Covid pandemic has created ‘a digital adventure playground’ for organised crime with reported online fraud up 50% since last year.
At least one fake investment website reported by FSCS every day.
Over 40 000 savers have been scammed in the first five years of pension freedoms.
FCSC have evidence of fraudsters impersonating them and using the FSCS logo to scam consumers.
Action Fraud data shows 89,153 reports of fraud at an estimated cost of £406.5m in the first two months of 2021.
The City regulator must “up its game” after mishandling scandals such as London Capital & Finance and as the number of vulnerable customers grows after the pandemic, a Financial Conduct Authority
11
th March 2021 9:00 am
Good morning and welcome to your Morning Briefing for Thursday 11 March, 2021. To get this in your inbox every morning click here.
Brooks Macdonald sees financial planning revenue fall
Brooks Macdonald reported a slight fall from £2m to £1.9m in revenue for its financial planning arm, in the six months to 31 December 2020.
Speaking to
Money Marketing this morning
, chief executive Caroline Connellan said this was down to its plans last year to “better organise” in a way to deliver for private clients.
In the half year results, it also reported that funds under management hit record levels at £15.5bn.