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AMI updates ‘Fraud Prevention’ factsheet

Amanda Jarvis

April 13, 2006

The AMI factsheet gives firms tips and advice in the fight against fraud, and outlines what they should do to fight fraud in their own businesses and ensure they meet their FSA obligations.

It also includes a checklist of basic questions to help firms understand and tackle fraud risks, such as: who is responsible for managing your fraud risks? What are your key systems and controls for managing your fraud risks? And what information on fraud goes to your board or senior management?

The FSA initiative sets up a streamlined reporting system for lenders to use when they ‘consider the matter sufficiently serious to remove the intermediary from their panel or where a subsequent investigation identifies fraud’.

Rob Griffiths, Associate Director of AMI, commented: “AMI supports the regulator’s move to protect the industry’s excellent consumer reputation and we will be monitoring the FSA’s initiative closely.  Anything that reduces mortgage fraud is to be welcomed as fraud is detrimental to the entire industry.

“Results from the regulator’s pilot system reveal only four firms have been referred to possible enforcement action, out of approximately 8,000 mortgage intermediary firms.  AMI takes mortgage fraud very seriously and we urge members to read and use the guidance in the factsheet.”


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