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Levels of fraud from taxpayer-backed Covid-19 loan schemes are around five times higher than typical figures, according to senior UK bankers. Bosses at Lloyds and Santander told MPs on the Treasury Select Committee that around 1% of bounce back loans have been taken out fraudulently. David Oldfield, chief executive of Lloyds Commercial Banking, said his bank has seen 3% of applications rejected, with 2% of those approved later turning out to be fraudulent. Around two-thirds have subsequently been frozen. He said: “That’s still a large number but as a percentage that’s about five times higher than we would normally see. “We take fraud very seriously. I think we would all recognise that the design of that scheme was a trade-off versus the checks that we would be doing. We do screen every application.”

Susan allenAnne bodenAmanda murphyDavid oldfieldPaul thwaiteStarling bankNatwest groupLloyds commercial bankingSantander united kingdomCoronavirus business interruptionசூசன் ஆலன்அன்னே போடன்அமண்டா மர்பிடேவிட் ஓல்ட்ஃபீல்ட்ஸ்டார்லிங் வங்கிலாயிட்ஸ் வணிகரீதியானது வங்கி