£250k Fraud At The Oft

Unbelievable - our life in their hands...........what a sham

http://www.timesonline.co.uk/tol/mon...cle6730354.ece

Times Online
July 28, 2009
Office of Fair Trading falls victim to £250,000 fraud

The consumer watchdog that advises the public on how to avoid scams admits to a "control weakness" in its accounts process

Jennifer Hill
· 2 Comments
Recommend? (1)
Britains's main consumer watchdog believes it has lost £250,000 after falling victim to an alleged fraud.
The Office of Fair Trading's annual report for the last financial year said it had suffered a cash loss of £250,000, of which £97,000 occurred in 2008/09 and £153,000 in 2007/08.
“This was due to an alleged fraud made possible by a control weakness in the 'accounts payable' process,” the accounts said.
The watchdog was unable to give any further information, saying the matter was the subject to legal proceedings.
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It is understood that a former member of staff has been charged with an offence.
The revelation is sure to embarass the OFT, which carries advice for consumers on how to avoid fraud on its website.
Consumer groups expressed surprise at the news. David Kuo, at the financial website Fool.co.uk, said: "How are consumers meant to have faith in the statutory body when their own procedures are clearly not robust?"

[natweststaffmember]

Re: £250k Fraud At The Oft

What nonsense. An individual in their accounts department may have taken money from them and the individual is in the process of being prosecuted. The FSA have now closed whatever loophole that allowed for this fraud.
No one is exempt from fraud, not even the FSA. Next you'll be telling me the police never get arrested for crime

[TUTTSI]

Re: £250k Fraud At The Oft

Nats, it was the OFT not the FSA,

What nonsense. An individual in their accounts department may have taken money from them and the individual is in the process of being prosecuted. The FSA have now closed whatever loophole that allowed for this fraud.
No one is exempt from fraud, not even the FSA. Next you'll be telling me the police never get arrested for crime

[natweststaffmember]

Re: £250k Fraud At The Oft

I knew it was one or the other cos I read that rubbish elsewhere yesterday.
Ditto on the response and to myself, what a prat not drinking coffee before going out in the morning