Since the onset of the global credit crunch in 2007 mortgage related fraud has become increasingly prevalent in the UK, as well as in other countries such as the United States.

This has led regulatory authorities to put measures in place to help them to crack down on this type of fraud, which is becoming increasingly problematic, and this has been reflected in figures that were recently released with regards to fines imposed for mortgage fraud in the UK.

According to the recently released figures the value of fines handed out by the UK’s financial regulator, the Financial Services Authority, over the first few months of this year has already exceeded the value of fines that was handed out for the same type of criminal activity over the whole of the previous year.

The first few months of this year saw the FSA impose fines of more than £300,000 on those found to be committing mortgage fraud, according to the figures.

In addition to the sharp rise in the value of fines there have also been a number of cases of brokers and other mortgage industry officials and companies being banned from operating in the business by the FSA.

The regulator has been very clear with regards to its stance on mortgage related fraud in the current financial climate, and with the problem becoming a greater issue over the past couple of years it has pulled out all the stops to try and combat the issue.

Lenders are now being encouraged to be more careful and vigilant according to the Council of Mortgage Lenders, and the FSA has said that the measures that have been taken to combat mortgage fraud have acted as a ‘credible deterrent’ to industry officials that were considering getting involved in this sort of activity.

One Comment

1. anon September 23rd, 2009 7:15 pm :

   hi, i have uncovered major mortgage fraud gang in liverpool/merseyside which includes, valuer, broker, builder and solicitor all flipping properties making millions

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