This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Find out more here.
X
Money Marketing Cover
Categories:Advisers,Mortgages

Property fraud increases in first five months of 2010

  • Print
  • Comment

The Solicitors Regulation Authority says it has received 222 reports of suspected mortgage and property fraud in the five months to May 31, 2010.

The number of cases has risen steadily over the past three years, with 320, 350 and 411 cases reported in 2007, 2008 and 2009 respectively. It also expects the numbers to increase this year.

The SRA Fraud & Confidential Intelligence Bureau warns, however, that the figures should not be seen as an exact volume of SRA investigations, as the figures are simply “tip offs” that it has received from bodies such as banks, building societies and the police, and says the figures could have been influenced by other factors. It also warns that there is a possibility the figures could contain duplicates.

A spokesman says: “The number of receipts may have been influenced by improved liaison with other agencies, and there is the possibility of more than one item about the same incident.”

In March the SRA slammed the CML after the trade body called for tighter regulation to combat solicitors’ involvement in mortgage fraud.

The CML said it did not believe the SRA’s principles based approach to regulation will address lenders’ concerns or restore confidence in conveyancing services provided by solicitors, and instead called for the SRA to undertake a comprehensive review of regulation of solicitors with the Government and the Legal Services Board.

  • Print
  • Comment

Daily Email Updates
If you enjoyed this article, sign up to receive the latest news and analysis from Money Marketing.

The Money Marketing CPD Centre
Build your annual CPD - you can log and plan your CPD hours for free with The Money Marketing CPD Centre.

Taxbriefs Advantage
Advantage is a digital reference source giving unbiased, independent, answers to your technical queries. Subscribe to Taxbriefs Advantage.

Have your sayEdit my profile/screen name

You must sign in to make a comment

Fund Data

Editor's Pick



Poll

Do you agree with calls for a flat 30% rate of pensions tax relief?

Job of the week

Latest jobs

View all jobs

Most recent comments

View more comments