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FSA asks brokers for help fighting fraud

The FSA has called on mortgage brokers to provide greater collaboration and help in tackling mortgage fraud.

It calls for brokers to look out for suspected fraudulent documentation, false or doubtful income and employment details and links or trends identified between clients.

The regulator says it is working to encourage greater collaboration and coordination among key participants to toughen the industry’s defences against fraud.

It adds that brokers must realise they are responsible for reporting any wider suspicions of fraudulent activity or examples of poor practices resulting in potential fraud that have come to their notice.

The FSA says it does not believe this will create any significant additional burden on firms who are already fulfilling their regulatory responsibilities.

FSA director of financial crime Philip Robinson says: “Mortgage fraudsters tarnish the reputation of the industry as a whole and there is no place in the market for firms who are, or have been, knowingly involved in mortgage fraud.

“Our work will increase our effectiveness in identifying and tackling such firms. If we find evidence of fraudulent activity at a firm we visit, it can expect to be subject to immediate and intensive action.”

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