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FSA finds lenders have adequate controls for self-cert

The FSA has freed mortgage lenders from the blame cast by TV and national press by releasing a review into self-certification mortgage application fraud which says lenders have adequate controls for dealing with application fraud.

The research came off the back of the October 2003 screening of the BBC&#39s Money Program, in which it was alleged Birmingham Midshires staff “may have encouraged BBC staff posing as prospective customers to inflate their earnings at the application stage”.

However the regulator&#39s review based on information from 15 “major lenders” has found lenders “generally have adequate controls in place to protect themselves from becoming conduits for mortgage application fraud.”

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