Buy-to-let market ‘vulnerable’ to large scale fraud
The comments from Stephen Gilchrist sound alarming. If crooks try to ‘hit’ almost anything from credit card / identity card theft to ‘property theft’, they will in some cases be successful.
Most brokers ‘know their client’ as business usually comes from recommendations etc and we use money laundering techniques extensively to ensure that fraud does not happen.
I can only assume that some solicitors or banks do not use due dilligence to ensure fraud is not committed. We are the front line, lenders the second, but I would have assumed that solicitors would have been the last line of defense against fraud.
Mike
11 Jun 2012 | 14:07
Buy-to-let market ‘vulnerable’ to large scale fraud
The valuations must come from somewhere. Borrowers agree a price with the vendor, but ultimately it is the Bank’s Surveyor that seals the valuation. So I don’t understand how else valuations can be inflated other than the Surveyor being implicated, which seems far-fetched, although it has happened before and been found out before as well.
Phil D
11 Jun 2012 | 20:45
Bank eyes rate cut and £50bn cash injection to boost economy
At a Mortgage Seminar last year I asked the panel of experts whether they expected the next interest rate movement to be downwards as Mervin King had stated inflation was imported and quantative easing had done little to help.
They all replied that they did not expect Bank Base Rate to drop below .5%, so interesting that this is a serious suggestion bearing in mind that at the start of global problems in the latter months on 2007 & the first 3 months of 2008 the US Fed slashed their base rate by 3% whilst the BoE MPC failed to react significantly as they only cut by .25%.
Perhaps you should be asking for a comment from Andrew Sentance – the ex-MPC member – who had been calling for a Base Rate rise ever since it was cut to .5%?
John Morgan
12 Jun 2012 | 11:01
‘Bland, boring, unnecessary’ – Martin Lewis slams MAS
Who established this service in the first place? The FSA? If it’s a means of creating jobs to be paid for by charging the industry, its damaging this industry and the economy of this country! We need to get rid of this service, the sooner the better!!!
Salam Ansari
13 Jun 2012 | 19:09
FSA: Trust us and blow the whistle
How can the FSA expect IFA’s to help them when they treat us with disdain and the way they have totally ignored our comments over RDR. I am sure that 2 years on when it all goes wrong (if not before) that they claim we did not tell them about the massive negative results of the RDR.
Communication works both ways. We are not just talking exams here We are talking about the millions who will not get independent financial advice. It needs for someone to wake up and smell the coffee and stop theorising. IT WILL HAPPEN.
Terry
14 Jun 2012 | 12:14
Thanks for all your comments this week
