The government has been blamed for home buyers’ frustration at the high number of identity checks carried out as part of the buying process.Research carried out by Manchester Business School on behalf of fraud prevention specialist GB Group says the increase in buy-to-let and the strong housing market fuel almost two million checks in the estate agency sector each year. It says when a home is purchased a person may have their identity checked five times or more but this could be reduced if organisations such as estate agents, solicitors, financial advisers, lenders and the Land Registry shared identity verification information. Rob Laurence, head of GB Group’s data authentication arm, says: “Every UK citizen has to prove their identity almost once a month and life events such as marriage or moving house require multiple checks at the same time. “The burden on consumers is unnecessary and as regulation becomes tighter across all sectors we will see more identity checks becoming a fact of life.” Wayne Unsworth, mortgage adviser at Hallmark ifa, agrees. He says: “All parties in the home buying process should be able to get information from the government. It’s really up to the authorities to sort out this question of too many ID checks as we are simply complying with legislation. Only the government has the power to address the issue.” But George McKillop, managing director of fraud prevention specialist Haymarket Management Services, says while ID checks might take time they ensure consumers have protection from fraud, which over the past 15 years has been a growing threat. He adds: “If people have nothing to hide the amount of time this takes is hardly an intrusion. And industry costs will be kept down by reducing the risk of fraud.”
- Top trends
- Top trends
Advantage, a Morgan Stanley Group company, has revealed the dates and venues for its forthcoming mortgage intermediary Flexishare workshops. The workshops are set to start on August 16 at the Hilton Hotel in Glasgow and will then travel to nine other destinations across the country. The workshops will feature an presentation about Flexishare, a question […]
The Institute of Financial Services has been renamed ifs School of Finance.The new name has been chosen to be more representative of the ifs as it develops its financial education provision, both for the industry, and for consumers as an essential life skill.Mark Roberts, head of financial regulation and corporate and academic relationship management at […]
Webline, part of the Capita Group, has been chosen by Personal Touch Financial Services to provide a real-time quotation and new business fulfillment capability to over 2,000 advisers within its AR network and DA distribution model.The service, which went live this week, uses Weblines open-architecture data feeds to tightly integrate with FSToolbox, PTFS point of […]
On 16 September, Health Shield and six other health cash plan providers — Westfield, Engage Mutual, Simply Health, Birmingham Hospital Saturday Fund, Medicash and Hospital Saturday Fund — will come together to participate in the Cash Plan Provider Golf Day.
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