Banned firm should have protected itself against fraudsters

I was interested to read the story on Mortgage Strategy Online last week about the FSA banning Walthamstow mortgage broker Kevin Byrne for lacking the integrity and competence to prevent his business, Forest Financial, being targeted by mortgage fraudsters.

I know the easy answer is to blame the FSA here and rant on about how bad a job it is doing.

But this adviser accepted documents that he should have spotted as being fraudulent or inaccurate at best, such as those with different account numbers on the statement.

Yes, the lender was enjoying the business and might have started this whole investigation when the mortgages went belly-up. But either way, Forest sat back and enjoyed the proc fees without taking even basic steps to protect itself.

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