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29/08/2008
FSA publish anti-fraud guidelines |
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The Financial Services Authority (FSA) has produced guidelines to help the mortgage industry detect fraud, the Financial Times reported.
The regulator issued the guides yesterday (August 28th) and stated that it is the responsibility of those within the industry to ensure that any fraudulent activity is picked up.
Mortgage brokers need to look should look out for fraudulent documentation and any concerns they may have relating to inaccurate income or employment details.
Philip Robinson, director of financial crime for the FSA, said the work that the regulator was undertaking would to stamp out fraud would "increase our effectiveness in identifying and tackling such firms."
He warned: "If we find evidence of fraudulent activity at a firm we visit, it can expect to be subject to immediate and intensive action."
Citywire.co.uk reported that the FSA's "whistle-blowing initiative" comes on the back a similar scheme for lenders that led to 300 reports of possible mortgage fraud. |
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