FSE: Advisers must be on B2L gaming lookout
At the Financial Services Expo in Manchester a panel of experts warned advisers to be on the lookout for ‘buy-to-let gamers’.
James Chidgey, senior manager at Nationwide, said: It is very important that advisers remain alert. A buy-to-let mortgage is exactly that it’s not residential.
“It is a criminal offence to obtain money by deception. As a lender we are working hard to eliminate buy-to-let gaming and we are doing very well.”
Martin Reynolds, chief executive of SimplyBiz, said the key to eliminating gaming was education.
He said: “It is down to the adviser to educate the client. We have a very robust process in place and at the end of the day it’s your authorisation on the line and lenders will terminate. Be vigilant!”
And Charles Haresnape, managing director, Aldermore Mortgages warned that the FCA was monitoring the situation.
He said: “Rest assured the FCA is keeping a very close watch on this. We all have robust processes in place but we have to stamp gaming out.