Property fraud on the increase, claims SRA

21 June 2010 | By Natalie Thomas

The Solicitors Regulation Authority has already received 222 reports of suspected mortgage and property fraud in the first five months of the year.

The SRA’s Fraud and Confidential Intelligence Bureau expects the full-year figure to top the 411 reports it received in 2009. This compares with just 320 in 2007 and 350 in 2008.

A spokeswoman for the SRA says the figures are not necessarily an indication of the volume of SRA investigations taking place.

She says: “Some of the items of intelligence we have received may be of little value and there’s the possibility of us having more than one item about the same incident.”

The SRA says it saved mortgage lenders between £15m and £20m last year as part of its campaign to target solicitors involved in property fraud, and provide guidance to solicitors who might become involved in fraud unwittingly.

In March the Council of Mortgage Lenders called for a comprehensive review of the way solicitors are regulated to help combat the spread of fraudulent activity.

It opposes proposals for reform being put forward by the SRA.

The SRA is campaigning for a principles-based approach to regulation but the CML does not believe this would address lenders’ concerns or help restore confidence in the conveyancing services provided by solicitors.

 

 

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