PMS launches financial crime prevention hub

Michael Lloyd

May 16, 2019

PMS Mortgage Club has launched a financial crime and mortgage fraud prevention hub to help directly authorised firms to protect their businesses.

The hub keeps mortgage advisers updated on the latest emerging threats and provides practical guidance to help combat potential fraudulent mortgage activity.

Jane Benjamin, director of mortgages at PMS Mortgage Club, said: “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.

“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.”

The hub provides information and guidance on issues such as the different types of fraud that advisers need to be aware of and assistance with mortgage fraud prevention.

There is also guidance for buy-to-let business and working with portfolio landlords and a checklist to help deal with potential mortgage fraud and other suspicious activity.

The hub contains links to organisations such as the National Crime Agency and Action Fraud to report suspicious activity, view lender insights on the latest issues and threats currently in the market.

In addition to the hub, 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.

Shaun Church, director at Private Finance, was involved in the development of the financial crime and mortgage fraud prevention hub.

He added: “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.

“I feel that it is a great example of how brokers can work together with their mortgage club and lenders for the benefit of all parties – long may it continue.”

Sign up to our daily email

Show Comments