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Mortgage fraud probe is a priority

Mortgage fraud is high on the FSA’s agenda, with the regulator planning to scrutinise the adequacy of brokers’ culture and controls to curb fraudulent business.

It says there is evidence that lenders have been the victims of consumer mortgage fraud and organised mortgage fraud and says firms should have robust lending procedures to avoid losses.

The FSA warns that inadequate controls could lead to serious consequences for firms.

It says: “Such behaviour can lead to the risk that firms do not know the true quality of their lending books and that consequently their risk management tools, such as stress testing, are unreliable.”

The FSA also plans to tackle consumer data protection. It says mitigating the risks to consumers and firms of data compromise is a difficult and evolving challenge.

It says: “We conducted a thematic review of firms’ systems and controls for managing the risk of consumers’ personal data being lost or stolen during 2007 and will publish our report on the findings in Q2 2008.”

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