The FSA has called on the industry to tighten fraud prevention measures and AMI has responded by publishing this "plain English" documentation for intermediary firms.
Chris Cummings, Director, AMI said, "The FSA has recently launched a new initiative - Fighting Fraud in Partnership - which calls on the industry to improve the fight against fraud in the financial services sector and make life harder on the criminal. As a natural development of its new approach, the FSA says it will steadily be paying more attention to firms' arrangements for managing their fraud risks as part of its general supervisory and other regulatory activities.
"Fraud is not just a 'large firm' issue. In fact, the financial and reputational damage to a small firm can be even more disastrous. As the trade body for mortgage intermediaries, AMI has produced this new information to help firms assess their fraud risks - and then set in place preventative measures."
This is the first in a series of member guides that are aimed at helping AMI members run better businesses - rather than simply clarify the shifting regulatory scene.
The guide can be found on the AMI website: www.a-m-i.org.uk and is free to AMI members.
