26

BBLS fraud losses of £1.9 billion likely underestimate the true total

Conclusion
The Department has estimated that total losses due to fraud on the BBLS will be at least £1.9 billion. This figure is the sum of losses on defaulted loans that lenders have reported as suspected fraud, and future losses estimated by the Department by applying its suspected fraud loss rate to the open loan book. The Department has acknowledged that not all cases of fraud will have been identified by lenders and that total losses due to fraud will exceed the figure quoted.44
Government Response

A response document is linked to this report, dated 18 September 2025. Response attribution to this conclusion has not been verified. Read the response document.

Addressee Bodies
HM Treasury
Timeline
Recommendation age 1.2 yr
Report published 25 Jun 2025