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PMS launches financial crime prevention hub for advisers

PMS Mortgage Club has launched a financial crime and mortgage fraud prevention hub to keep mortgage advisers updated on the latest emerging threats and provide practical guidance to help combat potential fraudulent mortgage activity.

The hub provides information and guidance on issues including: the different types of fraud that advisers need to be aware of, assistance with mortgage fraud prevention, good practice for working with introducers, guidance for buy-to-let business and working with portfolio landlords.

It also has links to organisations such as the National Crime Agency and Action Fraud for reporting suspicious activity.

PMS has also teamed-up with its sister-company Bankhall to provide access to additional tailored support for firms that want to review their current processes and safeguards, with a view to strengthening their systems and controls.

PMS Mortgage Club director of mortgages Jane Benjamin (pictured) says: “PMS is committed to helping directly authorised firms to write quality business and manage their risks. Mortgage fraud is an area of deep concern for advisers, and tackling financial crime has also been highlighted as a priority area by the FCA, including in their recently published business plan for 2019/20. These issues and risks are continually evolving, so our message to advisers is to be vigilant and stay safe.”

“We’re working closely with our members and lender partners to share information, best practice and practical guidance on how to deal with this threat. Our new hub will keep advisers informed and updated on the latest developments, with new PMS and lender content added on a regular basis as new threats emerge. In the event that advisers have suspicions on a case then we’re also making it easier for them to take the appropriate action.”

Private Finance director Shaun Church says: “As PMS members it’s important for us to work together in order to ensure that potential fraudsters do not have free rein within the broker community to dupe unsuspecting firms and their customers.

“That’s why this latest initiative from PMS Mortgage Club is to be welcomed, by providing a focal point and easy mechanism for reporting such enquiries, so well done to PMS for listening and implementing this.”

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