Case Study · When something needs putting right
When Attention to Detail Recovered Nearly £50,000
While building a financial plan, we noticed unusual activity in a client's bank accounts. Looking closer uncovered a scam, and ultimately led to the recovery of nearly £50,000.
- The situation
- A routine financial planning review, before anything seemed wrong
- Key areas
- Financial PlanningFraud Recovery
- The outcome
- Close to £50,000 recovered after a bank was found to have failed the client
The situation
We were working with a client to build a comprehensive financial plan when, as part of our review, we noticed some unusual activity in his bank accounts.
The client rarely checked his bank statements in detail, so the transactions had gone unnoticed. At first there was no obvious reason for him to think anything was wrong.
Where things became complicated
Discovery
The transactions only came to light because we were reviewing his accounts closely as part of unrelated financial planning.
A difficult conversation
Being the victim of financial fraud can be hard to discuss, particularly when someone feels they should have noticed the warning signs themselves.
Reconstructing the history
Establishing what had happened meant carefully reconstructing the historic transactions and the way payments had passed through his bank account.
The Montfort approach
01 Investigate
Our concerns prompted us to look further. As we examined the historic transactions, it became clear the client had been the victim of a scam and had suffered significant losses.
02 Focus on the facts
We focused on establishing what had happened, identifying the transactions involved, and assembling the information needed for the matter to be properly investigated.
03 Reconstruct
By carefully reconstructing the history of the transactions, we helped establish the circumstances of the losses and how the payments had passed through his account.
The turning point
Good financial planning sometimes starts by looking at what has already happened.
It was determined that there had been failures on the part of the client's bank. What began as a financial planning review identified a problem he did not know he had, and ultimately led to a significant sum being recovered.
The outcome
The client was awarded the return of the funds he had lost, amounting to close to £50,000.
Close to £50,000 recovered, after a routine review uncovered a scam the client didn't know he had been a victim of.
What this case shows
01 Look at the whole picture
A financial planning review can uncover problems that have nothing to do with the plan itself.
02 It's worth paying attention to the detail
The unusual transactions had gone unnoticed for some time before a closer review picked them up.
03 A transaction isn't always a solution
Sometimes the most valuable thing is establishing the facts, not recommending a product.
Understand your financial life
Montfort combines financial planning with education and coaching, so clients understand not just what to decide, but why. Being an informed client is often what makes the right decision possible in the first place.
Client names and certain identifying details have been changed to protect confidentiality. The circumstances and planning challenges described are based on real client experiences.
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