Peter Curran, head of intermediaries at Lloyds Banking Group
Good business has to be about taking a strong line against fraud at the point of sale and so the two should not be played off against one another.
Certainly, no responsible mortgage lender would allow internal targets and incentives to override the checks and balances it has in place to counter fraud. It is in our own interest to work hard to eradicate fraud. We are very clear in our processes and have a well-defined structure, excellent training, robust review channels and a consistent culture in place.
In addition, we have to show that we’re moving with the times and working hard to stay ahead of the criminal fraternity, which continues to evolve incredibly quickly and present new threats on an ongoing basis.
It is always going to be a challenge for lenders to evolve processes and systems that meet the challenge of fraud head on, whilst keeping it easy to do business quickly and conveniently for our partners.
As the biggest lender in the UK, finding this balance is something that is incredibly important to our group. Having led many of the product areas and distribution channels that are now commonplace in the UK, Lloyds Banking Group has already proved its commitment to successful evolution.
The key to getting the balance right will be operating to consistent standards and working and communicating effectively with our brokers.
Fraud is something that the entire industry needs to challenge and through a unified approach we can create a solid security fence that keeps out the criminal element, but still affords the flexibility for legitimate business to be done quickly and conveniently.
Also answering in this week’s Market Watch are:
Mark Blackwell, managing director of Xit2
Bob Young, managing director of CHL Mortgages
