No brokers on the forum to fight fraud
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PMS executive chairman John Malone has warned that mortgage intermediaries do not have a voice in high-level discussions aimed at combating fraud.
Speaking at a Money Marketing mortgage round table, Malone said the Mortgage Fraud Forum - an initiative launched by the National Fraud Authority with the Metropolitan Police earlier this year - does not include any broker representatives.
The forum comprises a wide range of industry representatives, including the Council of Mortgage Lenders, Solicitors Regulation Authority, RICS the FSA and the police.
Malone said unless somebody is there to represent intermediaries, at this forum and in other discussions over fraud, brokers may be saddled with an unfair proportion of the blame when the legal profession and lenders also have a case to answer.
He said: “On fraud, intermediaries are not represented around the table. We should be represented, somebody should be there on behalf of intermediaries. Why? Because when the mud starts getting thrown, it will be thrown back at us. Intermediaries are responsible for some of it but so are the legal profession and some of the lenders.”
Malone said intermediaries can offer valuable insight to the fraud debate. He added: “We are front line - 70 per cent of all the business came via intermediaries. You cannot not ignore us around that table.”
Malone called on Association of Mortgage Intermediaries director Robert Sinclair to take up the fight so intermediaries are represented on the issue .
Barclays director of intermediaries David Finlay said: “There is nothing I can see that is going to give any accountability to the customer. I think that is like treating them like children.”
National Fraud Authority interventions manager Des Fitzpatrick says: “The panel has about 20 members - it is not that we intended to exclude intermediaries, we do want to bring them in.”
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