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AToM accuses regulator of failing to tackle fraud

Vic Jannels, chairman of All Types of Mortgages, says police enforcement in the mortgage industry highlights the failure of industry regulators to combat fraud.

Jannels says: “The appointment of a further 50 specialists by City police to focus on mortgage fraud, is a poor reflection on us as an industry and how we identify fraud.

“After more than 35 years in the industry, I can say that I believe most practitioners are of a high calibre and are totally honest professionals. Sadly, however, the dramatic growth of the industry on the back of a 15-year boom appears to have allowed criminals to take advantage of failures in our processes.”

Jannels says rather debate the scale of the problem, we should accept that any fraud is unacceptable and concede that the police having to step in simply serves to highlight failures.

He adds: “Bringing criminals to justice can only be in the long-term interests of mortgage professionals. All of us who are interested in securing a mortgage industry that applies best practice – rather than one that, by necessity, needs police action, should call on the FSA, the CML and all industry practitioners to support the police and drive out the criminals who tarnish our industry and ultimately cost us and the consumer money. Lastly, make the punishments, for those found guilty, meaningful.”


Savings inflows surge at building societies

Building societies saw the highest February inflow of savings for more than 10 years last month, the Building Societies Association reveals.The trade body says building societies experienced net receipts of £1.35bn in February 2008 – the highest level of February inflows since 1997.This figure also shows an increase from £782m in savings inflows during February […]

Future denies packager cut

Future Mortgages says it has no plans to scale down its packager panel, or stop its distribution through satellite packagers.It was rumoured that the lender was planning to scale down the number of packagers on its panel.However, a spokesman for Future confirmed that it has no plans at the moment to make such a cut.A […]

MS columnist quits law firm

Alan Dring has quit as sales and marketing director of Goldsmith Williams after just four months at the legal firm.

Dear Delia…

Dear Delia, My client is looking to get a foot on the housing ladder but only has savings of around £6,000. He has seen many lenders raising their minimum deposit to 25% and as a result is reviewing his options. What would you advise him to do?

Europe: why persist with value today?

By Rob Burnett, Neptune’s Head of European Equities The Neptune European Opportunities Fund remains committed to a value bias. We see a broadening array of opportunities in diversified industries at compelling valuations today. The most complicated part of the market is the European banks. We are currently overweight in this sub-sector as many banks are […]


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