TCF - FSA - Self Cert Mortgages

The FSA are reported to have censored a number of mortgage brokers and are no doubt investigating others over the mal-practice of inflating incomes so as to qualify for loans.

Some brokers have been order to cease trading whilst new systems are implemented and we suspect that some heavy fines will follow for others.

Whilst we do not condone this fraud, sometimes the self-employed or company owners can justify this, in thier own minds at least on a basis that they have the means to earn more, or infact that they don't declare all income!

Not declaring income defrausd the revenue and all tax payers and brokers that may be aware of this must understand that the law now dictates they should report this under the money launder rules - the broker could be jailed for failing to report, even.