Thread by @BlayneyDeborah

@carryonkeith @GarethDaviesNAO on @IanKingSky on #BounceBack loan #Fraud!!
='£17bn uncollectable, 5bn fraud'...BUT DAMNING APPRAISAL GETS WORSE!! LONG THREAD!!
Eg. Govt removed credit checks so no idea of credit worthiness!
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@carryonkeith @GarethDaviesNAO @IanKingSky MORE EXAMPLES:
1.'DUPLICATE PAYMENT CONTROL': Spotting ppl who were making #BounceBack loan applications to multiple banks, that wasn't brought in for a month which might not sound v much but in this scheme £28 BILLION was lent in the 1st month & by far the busiest month!...
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@carryonkeith @GarethDaviesNAO @IanKingSky So before any duplicate checks in place, £28 bn had gone out the door!😱😬
2.'COUNTER FRAUD CHECKS': 'Spotting where a dormant company had a new director added to it in Company's House, signalling in many cases...somebody is using that dormant company to commit a FRAUD...
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@carryonkeith @GarethDaviesNAO @IanKingSky ..V SUSPICIOUS..that check wasn't brought in for 2 months, by which time more than half of the money had gone out of the door!😬
Ian King: Are you holding lenders to blame or way scheme rolled out?
NAO: Not our job to apportion blame, our job to find the evidence & point out..
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@carryonkeith @GarethDaviesNAO @IanKingSky what's been learnt..so future schemes better protected.
First responsibility for preventing fraud & then detecting & recovering it, is the lender..the Banks🤔 involved in this scheme & they are EXPECTED to apply their NORMAL counter-fraud & recovery approaches..BUT CRUCIALLY..
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@carryonkeith @GarethDaviesNAO @IanKingSky ..they have NO financial incentive to do so beyond the minimum..because of the govt guarantee❗❗😱😭
..that's why the TAXPAYER is 'on the hook' for such a SIGNIFICANT AMOUNT in this scheme❗😱😭 ...
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#ToriesUnfitToGovern #ToryMismanagement

@carryonkeith @GarethDaviesNAO @IanKingSky @IanKingSky: Most depressing line in the Report is that the Enforcement agencies have little scope for recovery..is that down to lack of resources or complex nature of these frauds?😢
@GarethDaviesNAO: Resources is the key point because it's NOT JUST #BounceBack loans..😱😭
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@carryonkeith @GarethDaviesNAO @IanKingSky ..that those agencies are facing a CHALLENGE here, we've seen similarly EYE-WATERING NUMBERS 😲on the furlogh scheme for eg (we've got HRC in that case able to put some enforcement action into place with more resources)...BUT..
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@carryonkeith @GarethDaviesNAO @IanKingSky ..BUT there is FRAUD ACROSS QUITE A LOT of the #pandemic response BEYOND #BounceBack loans,😱😭so there's a genuine CAPACITY PROBLEM! Additional resources have been agreed but our argument is: Given the SCALE of what govt estimates may have been lost here in FRAUD🤑,..
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@carryonkeith @GarethDaviesNAO @IanKingSky ..that level of resources is NOT adequate for the task it faces!!😱😱😭😭
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[OMG NOT WRONG!! LOOK at THIS !!!👇LEVELS OF #FRAUD in Govt's Pandemic Response!! #ToriesUnfitToGovern] #ToriesMismanagement #Fraud = NOT just #BounceBack loans!!

https://twitter.com/BlayneyDeborah/status/1458775687221940226?s=19