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Why are the bank liable?
OK. So why are they liable?
Why are they to blame for this?
The problem with this is that it is never really that simple.
The FCA guidelines are a non issue. The question is law. They are bound by the law like the rest of us.
There might be a negligence argument or possibly a breach of contract one. It depends really whether their security measures failed allowing this or whether or not the fraudsters found a way around them.
If the latter then you would have a claim for the loss depending on whether there are any other factors that would impact on that.
You do not have a claim for emotional distress. The loss of funds do not give rise to 'emotional distress' in law. 'Psychiatric injuries' in law are very highly defined. A person who liberated the concentrated camps has suffered a devastating experience giving rise to psychiatric injuries. A person who has lost funds has just had a frustrating experience.
Can I clarify anything for you?
There were security measures. All banks have huge security measures.
To be honest, probably not.
It really depends how they were able to do this. If the fraudster went into a branch and the security measures were disapplied then it would.
We just don't know how it happened yet.
Probably though it is the usual scam and sadly that does not mean the bank is liable.