November 14, 2021

‘Scammers bled my father of his £300,000 life savings and HSBC turned its back on him’

Your father’s is a complex case, that is evident, which is why it took some weeks to achieve a result. But recently, there finally came some good news, with HSBC completing its investigations and agreeing to refund your father £155,000, about half of his losses.

The bank refused to return all of his money because it said it had warned your father in September 2020 that he was putting his money into a scam – though he does not recall this – and yet he continued to authorise payments.

A spokesman for HSBC said: “While we warned the customer about the payments and placed a temporary block on his card, we recognise that we could have done more to protect him and have therefore issued a partial refund of the total money lost to the scammers.”

Since the scam involved card payments, your father was not covered under the “contingent reimbursement model code”. This is a voluntary arrangement where banks that are signed up to…

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