The regulator has helped clean up the industry since it took control of the mortgage sector, but fraud is still a very real problem and has, it seems, grown over the past few years.
Although fraudsters’ methods are supposedly becoming more high-tech and harder to combat, the recent words by the FSA only go to show that it is looking, but not acting on the problem.
It is all well and good of Philip Robinson, financial crime and intelligence division director at the FSA, asking for everyone to come together, but we already have a lot on our plates – we need the FSA to start taking greater action, not coming to us and asking what we as individual firms are doing.
Via e-mail
