Jump to content
House Price Crash Forum
Sign in to follow this  
ReggiePerrin

Fsa Slaps A Few Wrists...

Recommended Posts

Taken from an article posted on the BBC.

Sadia Nasir, a director at London Mortgage and Financial Services, was the first broker to be banned and fined for submitting fraudulent applications.... In four cases she entered her own bank account details on clients' mortgage applications and the FSA said she withheld information from its investigators.... As well as banning Ms Nasir, the watchdog fined her £129,000

If I write a dodgy cheque, or lie to get a loan, I would more than likely end up in court charged with fraud, this advisor gets a slap on the wrist.

Are the FSA scared to prosecute in case her defence is that everyone else is doing it?

Share this post


Link to post
Share on other sites

What does the "watchdog" (glad it's not protecting my gaff) do with these fines? Are they funneled back to those that were duped into taking the mortgage? Or do they end up in the "watchdogs" bonus pot?

Forgot to add.... I agree with you. There seems to be one law for those in finance, and another for the rest of us.

Edited by Dubai

Share this post


Link to post
Share on other sites
Are the FSA scared to prosecute in case her defence is that everyone else is doing it?

I think it's more a case that it'd open the floodgates on how many are doing it and how the FSA should've been doing this years ago.

Share this post


Link to post
Share on other sites
Guest AuntJess
What does the "watchdog" (glad it's not protecting my gaff) do with these fines? Are they funneled back to those that were duped into taking the mortgage? Or do they end up in the "watchdogs" bonus pot?

Forgot to add.... I agree with you. There seems to be one law for those in finance, and another for the rest of us.

There is one law for the rich/powerful, and another for the 'hoi-polloi'. T'was ever thus. <_<

Edited by AuntJess

Share this post


Link to post
Share on other sites

The FSA are a total joke.

During the boom it was quite leagal to talk up the share price of a given company but as soon as we hit the crash phase then the FSA made it ilegal to short a company's shares and to try and talk the price down.

As Eric know the FSA was well aware of the fraud being commited on buy to lie loans way back in 2003 and yet they did nothing.

Anyone house buyer being charged with fraud needs to bring the FSA and the banks into the argument as they played a bigger part then any single buyer did.

FSA=F&c*ing silly A$$hol^s

Edited by Justice

Share this post


Link to post
Share on other sites
There is one law for the rich/powerful, and another for the 'hoi-polloi'. T'was ever thus. <_<

I wouldn't call mortgage brokers rich or powerful, most of the ones I've met are more skint/impotent :)

The FSA are protecting themselves, not this individual, all cases like this should be handled by anyone but the FSA. IMHO at the first sign of fraud the matter should be handed over to the Police. The FSA's actions over the years to allow these brokers to get away with it, is as scandalous as the brokers who forged the mortgage applications in the first place.

I also think it's quite telling that none of applicants has had any action taken against them.

Note : I highlighted most because I know some brokers post here, which means they are exempt from this statement, they are the exception to the rule so to say :)

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 396 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.