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The Telegraph take

By Sophie Smith personal finance reporter

Last week, Telegraph Money broke the news that TSB will become the first bank in Britain to fully reimburse customers who fall victim to scams. Richard Meddings, the bank’s executive chairman, said it was “the right thing to do”.

Its pledge to offer a fraud refund guarantee goes further than not only any existing policies on fraud, but also the industry’s long-awaited code of conduct on refunds, which comes into force at the end of next month. Industry insiders said the move would pile pressure on other banks to follow suit.

Telegraph Money has long called for banks to take action on a crime that has quickly become an epidemic. Last year, 1.2bn was stolen through bank transfer scams, according to figures from UK Finance.

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You have the last word...

Adam Lanza said about Like Fleabag, we all want to be told how to live – but money rules don't always work: "The people you should never listen to as how to live your life are financial consultants. After all, as Woody Allen said once: "Financial manager is a person who manages your money until there is nothing left."

Warren Paul said about A 'litany of failures' exposed: can we trust the City watchdog ever again?: "Britain's institutions, from the FCA to Parliament itself have been re-designed over the past 40 years to serve, protect and enable the ultra-wealthy and the privileged alone."

Nick Beachm Watts said about Energy firm encouraged its staff to leave five-star reviews on Trustpilot ratings site: "If you believe anything you read on Trustpilot or similar you are naive."

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