The FSA is warning that there are some fraudulent businesses out there that are offering bad mortgage advice. Mortgage fraud is the talk of the town this week and some new efforts are being put in place to make sure that consumers are getting good mortgage advice. While most brokers and mortgage advice centers are on the up and up, there are a few bad apples out there. Consumers are being encouraged to be cautious and to ask questions if they don’t understand something. With the right help, mortgage fraud can be put to a halt, but it will take time and a concerted effort on the part of the government and consumers.
FSA financial crime sector leader Philip Robinson says: “Mortgage fraud is a serious and widespread problem. We have set out our approach and expect the industry to do their part in tackling this menace. Brokers should make sure that they provide suitable advice and that their businesses cannot be used for the purposes of committing fraud.
“Lenders must also have in place systems and controls to reduce fraud and continue to provide us with the intelligence which is key to our success in this area.”
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