Barclays right not to pay out after couple scammed out of £700,000
Daily Record 20/01/2021 Emma Munbodh & Kirsten McStay
A woman who was conned into handing over £700,000 to a fraud investigation team , has lost every single penny - and her bank don t need to pay out.
Fiona Philipp transferred two sums of money from her Barclays bank account - one amounting to £400,000 and another £300,000 - to accounts in the United Arab Emirates back in 2018.
She and her husband were under the impression that they were helping a serious fraud investigation being run by the city watchdog, the Financial Conduct Authority (FCA).
However, the couple were defrauded, and, in a ruling today, a judge said Barclays is not liable to compensate for any losses.
BBC News
Published
image captionThe bank is not liable for paying £700,000 back to the couple
A bank does not need to compensate a customer who was duped into paying £700,000 to fraudsters, a judge ruled.
Fiona Philipp used her Barclays account to transfer two payments of £400,000 and £300,000 to accounts in the United Arab Emirates.
She and her doctor husband thought they were helping a high-profile fraud investigation being run by the Financial Conduct Authority (FCA).
The bank said the customer had made the payments willingly.
The scam started when her husband was called by a man who claimed to work for the FCA.