In a question and answer session following FSA head of financial crime policy and intelligence Bob Ferguson’s speech, several advisers said they believed mortgage fraud was rife in the self-certification and fast-track sectors of the UK mortgage market.
One adviser said: “I have had experiences where I haven’t been able to help somebody and then I subsequently find out that they’ve done something with another lender. This has led me to believe that they’ve perhaps done something that they shouldn’t have done with regards to fast-track.”
Another adviser said: “Lenders have to take a lot of responsibility for it. Their opinion, as with a lot of things, they give you the tools to do it then deny responsibility for it. A bit like giving somebody a gun to rob a bank and then saying it’s not our problem. Self-cert cases, fast-track cases, it’s all mortgage fraud. As far as I’m concerned I think it’s rife across the industry.”