Bounce Back Loan Scheme: Fraud

(asked on 7th October 2020) - View Source

Question to the Department for Business, Energy and Industrial Strategy:

To ask Her Majesty's Government what advice they received, if any, from officials on (1) the percentage by number, and (2) the value, of loans received under the Bounce Back Loan Scheme estimated to be fraudulent.


Answered by
Lord Callanan Portrait
Lord Callanan
Parliamentary Under Secretary of State (Department for Energy Security and Net Zero)
This question was answered on 21st October 2020

As part of the Bounce Back Loan Scheme application process lenders undertake fraud checks, including Know Your Customer and Anti Money-Laundering checks as required. In addition, the application form is clear – any individual who knowingly provides false information is at risk of criminal prosecution. We are working across Departments, and with lenders and law enforcement agencies, to tackle fraudulent abuse of the scheme.

Details of how we expect BBLS to perform are set out in our accounts for 2019-20, a copy of which has been placed in the Libraries of the House. At this early stage, such estimates are naturally highly uncertain as reflected in the explanatory notes of the Accounts.

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