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.”