Set Procedure of Banks / financial Co, when Suspicious activity is reported ?

[slaughteredlamb]

Hi,

is there a set procedure which Banks, building society's and investment Co are legally, duty, morally bound to follow, if an account holder/investor reports suspicious activity (Fraud) on their investment/account.?

 

 

I ask as recently I reported a suspicious activity (Fraud) on an investment and was told it was transferred out to

( a person known to me) and "we will be investigating"

I asked should I report it to the police and was told that was my right to report it to police but "we will investigate".

 

I decided to report the fraud and contacted, Action Fraud.

I explained money had been transferred out of an investment without my knowledge or authority by a person known to me.

 

Action Fraud explained that it was the reasonability of the investment Co to investigate.

and that I could not action any police investigation until investment Co had completed their investigation.

I could only give details which would be filed away.

 

I was in contact with the investment Co while they were investigating, and asked

"Will the account of the recipient be frozen to prevent them removing/transferring money out,

after a few replies that they could not give me those detail (Data Protection Act)

I finally got one employee to confirm the account had been frozen.

 

I have recently found out that while the investment Co were investigating,

the account the money was transferred/deposited to was not frozen and now the money gone/spent.

 

So my question : Once fraud reported, is there a procedure which Banks, building society's and investment Co need to follow in circumstances like mine to protect investors money from being lost/spent/transfered to other accounts by fraudsters, ?

Edited September 26, 2015 by slaughteredlamb