The Association of Mortgage Intermediaries (AMI) has called for calm across the mortgage arena after the FSA's Philip Robinson suggested criminal activity is rife in the market.
Richard Farr, director of AMI, says some market commentators have unduly escalated fears of fraud in the market, which could harm consumer confidence. Robinson, who leads the FSA’s financial crime and intelligence division, revealed in a speech to the Council of Mortgage Lenders that he has been made aware of over 200 cases of possible mortgage fraud because of information passed from lenders. He also revealed around a third of those cases would be passed to the FSA’s enforcement division. However, Farr was keen to emphasise the number of brokers under investigation has not yet been conf...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
