CML says intermediaries pose 'greater' fraud risk

The claim forms part of the trade body's response to an FSA consultation proposing extending its 'approved persons' regime to all mortgage intermediaries, including lenders' staff. It argues while there is a "compelling" case for greater regulatory scrutiny of the intermediary sector, the justification to include lenders' advisers is "less clear". Under the regulator's rules, only an 'approved person' is allowed to undertake what it calls a 'controlled function' within an authorised firm. It defines controlled function as one which may influence the conduct of the firms affairs or ...