Friday, Sep 04, 2009
Ermm, is the FSA prosecuting someone then ... ?
ThisIsMoney: Abbey owns up to mortgage fraud
The title calls it 'malpractice', but that's simply weasel-wording for 'fraud'. Isn't that usually a criminal offence?
Posted by paul @ 11:10 AM (495 views) Add Comment
9 Comments
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1. Zze004 said...
Rumours about Santander possibly failing starting with defaulting on a substantial bond call are persisting in the last week or so.
2. doomwatch said...
Why am I not suprised. I'm guessing this will be burried by the "media" power players.
3. wiltshire said...
Presumably this opens up the possibility of borrowers in trouble suing for activity undertaken after they signed the load application?
4. techieman said...
this comment sounds about right
" As the owner of an independent mortgage brokerage, if my staff did this and the FSA found out about it my company would be closed down, I would be fined and myself and any staff involved would be banned from financial services. Lets see if this happens to Abbey? I think not as the FSA are in the pockets of the large banks."
Having said that the FSA have fined em before - http://www.fsa.gov.uk/pubs/final/abbey-nat_9dec03.pdf - £2m in 2003 for not good enough anti money laundering compliance, http://www.fsa.gov.uk/pubs/final/abbey-asset_9dec03.pdf - £230k for a dodgy Fund manager, and http://www.fsa.gov.uk/pubs/final/abbey_25may05.pdf - £800k for failing to respond correctly to endowment mortgages complaints,.so maybe we should expect another fine???
5. doomwatch said...
techieman, they are deep in the pockets:
"The FSA is accountable to Treasury Ministers, and through them to Parliament. It is operationally independent of Government and is funded entirely by the firms it regulates." from
6. techieman said...
yes doomwatch i know that and that what you are saying might be true enough. Infact they have just borrowed £200m from HSBC i think! And i agree you have a point re the argument that they at the very least have a conflict of interest. However i am sure they will want to be seen to do "the right thing". So lets see what happens.
7. techieman said...
doom you put in some code.... so my comment links to the narrative on the FSA website - can you undo it?
8. refusetobuy said...
Just to undo the blue
9. Bobby9983 said...
The FSA have no power of the banks whatsoever and are entirely dictated to by them.
The FSA spend all their time finding ways to ban and fine small IFAs and mortgage brokers, complaints against whom have just fallen by a massive amount this year.
Overall however, complaints are up. Guess who people are complaining against? Correct. The banks.