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New fraud team urges advisers to join fight

A new mortgage fraud squad has called on advisers to fight the criminal activity it says is costing the industry over £1bn.

National Fraud Strategic Authority interim chief executive Sandra Quinn says advisers should be using practice guidance and putting press ure on their trade bodies to ensure they are doing enough to support them.

Its Fighting Mortgage Fraud Together report, published last week, has revealed key areas of improvement to increase the market’s resilience to fraud.

Although there are issues between advisers and lenders regarding mortgage loan information, Quinn says: “We have seen an increasing willingness to share information. Essentially, we all have the same enemies in common and what they are exploiting is where they perceive us not sharing information.”

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