Sharon Bowles MEP (South East of England), Chair of the European Parliament's Economic and Monetary Affairs Committee, has won an assurance from the European Commissioner for the Internal Market that he will look into options for closing a loophole in cheque-cashing policy that has led to Britons abroad being defrauded to the tune of millions of pounds.

In several EU countries it is still possible for individuals to cash a cheque into their personal account when it has been made out to a business. They can do this by simply signing the back of the cheque. Although this practice was banned in the UK in 2006, there are no common European rules.

Ms Bowles welcomed Commissioner Barnier's assurance:

"Whether it is British citizens abroad or foreign nationals who are suffering from cheque fraud, the situation is unacceptable.

"The UK has shown that this loophole can be closed.

"Now we must do it across the whole of the EU.

"This might be possible through a Commission directive or by coordinated action by individual member states - and Commissioner Barnier has agreed to look at all the options.

"I am delighted that Commissioner Barnier shares my concerns and I look forward to working with him in future to safeguard citizens' money."

NOTES TO EDITORS

The issue of cheque loophole fraud was highlighted last year with the imprisonment of a British national in France. Graham Templeton was convicted of defrauding a group of British citizens living in the Dordogne in France (the total sum of the fraud was two million euros).

Templeton persauded his victims to make out cheques to the Societe Generale bank, but he then signed the back and paid them into his personal account.

To hear Sharon speaking to the BBC about this issue, please follow this link:

http://www.bbc.co.uk/iplayer/console/b00pr5bb