17 Brokers and 10 brokerages are in FSA cross hairs
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The Financial Services Authority is investigating 10 mortgage brokerages and another 17 mortgage brokers for fraud.
In response to a Freedom of Information Act request from Mortgage Strategy, the regulator revealed a number of brokers are being investigated but no lenders.
To date the FSA has banned 96 brokers from the industry and is visiting a further 20 lenders to check they have adequate anti-fraud systems in place.
Earlier this month, the latest Fraud Barometer published by KPMG showed mortgage fraud dropped between July and December from 21 to 13 cases, down from £96m to £12.4m.
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Readers' comments (1)
Anonymous | 26 Jan 2011 10:51 am
..an eerie lack of comments to this article!
Can Margaret Cole inform us when action will be taken against some of the individuals in Banks who gave awful advice, or is it reserved just for the brokers?
No wonder Barclays are shutting down their IFA division today.
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