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, ?

Within the reply I received from the judicator was; "the business has accepted that its level of service was poor during their investigation of your **** fraud allegations and complaint. In this respect, the business has agreed to my suggestion that they award a payment of £150 for any trouble and upset caused" The above offer/award is only available to me if I sign to accept that it is a "full and final settlement of this complaint". Although this would not prevent me asking an ombudsman to make a final decision.