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FSA targets 200 firms in loan fraud crackdown

The FSA is to make targeted visits to 200 mortgage intermediaries as part of its crackdown on mortgage fraud.

The regulator this week wrote to key trade bodies setting out its intention to tou-ghen the industry’s defences against mortgage fraud.

It says it will visit 200 mortgage brokers to assess their financial crime systems and controls. The FSA has banned 17 individuals and levied fines, including a 129,000 fine, in the last 12 months.

It has also streamlined the reporting processes for its Information From Lenders project. In its letter to the CML, it says it expects the remainder of the trade body’s membership to sign up to the IFL project.

FSA director of financial crime and intelligence Philip Robinson says: “We expect the industry to do its part in tackling this menace.”

CML director general Michael Coogan says: “We welcome the FSA’s approach and expect more lenders will participate in the voluntary initiative.”


Transfer transition

Transfers, whether backed up by bungs or so-called enhancements, have justifiably earned themselves a bad reputation in the past. Described by some as the “flat-screen TV effect”, unsuspecting deferred members are sent an offer of what to them seems like a generous cheque as well as a measly transfer to a defined-contribution plan.

F&C Property plans to buy Reit

F&C Property has set out plans to acquire a 70 per cent stake in international property asset manager Reit for 60m. The new company, F&C Reit, will have combined assets under management of 8.5bn.

Don’t victimise victims

If there is one thing that might safely be said about personal finance consumer journalists, it is that we always take the side of the public. Well, perhaps no longer.

The Real thing

Real Life Cover – a new name and a new product devised by the people at Lifesearch and delivered by Fortis, the latest provider to join our super-competitive, currently stagnating market.

Unfinished business?

Pension specialist Fiona Tait gives an update on three big announcements from the 2016 Budget – Pensions Advice Allowance (PAA), the Lifetime ISA (LISA) and the pension dashboard. £500 Pensions Advice Allowance What’s new Under current rules it is possible to deduct an adviser charge from a defined contribution pension fund to pay for financial […]


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