Banks: Fraud

Lord Wright of Richmond Excerpts

Thursday 5th May 2016 Lords Chamber

[Lord Keen of Elie]

I cannot say that any one principle will be taken as the guide to the work of the Joint Fraud Taskforce, which embraces a partnership between banks, law enforcement and government. What I can say is that there is a provision whereby, under regulation, if there is a fraud against someone’s credit card the banks can leave that in the hands of the consumer only where there has been gross negligence. The onus lies very much on the banks to deal with these claims and they are doing that. Indeed, the joint taskforce is taking forward further measures to ensure a reduction in fraud.

[Lord Wright of Richmond (CB)]

My Lords, since this Question refers to banking problems, can the Minister update us on the Government’s attitude towards a problem that potentially affects every single Member of this House—namely, that we are in danger of being designated as politically exposed persons?