The FSA is to scrutinise 20 mortgage lenders to check that they have systems in place to prevent mortgage fraud.
Speaking at the British Banking Association conference, the FSA’s director of enforcement, Margaret Cole, said that specific checks would be made on each lender’s sales targets and incentives.
She said that these had been a major cause of the surge in mortgage fraud, with staff colluding with borrowers.
Visits to the 20 lenders are being made as part of the FSA’s ongoing thematic review into mortgage fraud, due to be published next year.
FSA to spot check 20 lenders for anti-fraud practices
12 November 2010
Comments
I agree.
Where were they? - probably at a tea party or diversity seminar out in the countryside somewhere plotting their next bonusses
Where were they when the economic crisis was happening? Let them bolt the door after the horse has bolted for the records but many of my colleagues are out of work and all the beating around the bush by FSA is to a good number, mere show. What about the banks that were bailed out and now don't lend for reasons that can be argued one way or another. The fact remains that, at the rate things are going, UK Plc is going to take a lot longer than most people will admit, to get back on its feet. End of.