Legal companies will always be part of the fraud story
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Following on from your story about the Council of Mortgage Lenders calling for a comprehensive review of the way solicitors are regulated (Mortgage Strategy Online), there will always be a small minority of solicitors involved in fraudulent activity.
Although I agree in principle that there should be zero fraud it is clearly not cost-effective to eliminate it altogether.
Further scrutiny would mean the Solicitors Regulation Authority would have to raise its fees as the Financial Services Authority is doing. I doubt this would go down well with the majority of excellent solicitors’ firms.
As for lenders, they are in the business of assessing risk and therefore should not have any problem filtering out unsuitable firms.
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