Being regulated

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Information should be clearly marked 'Information From Lender – Mortgage Intelligence' and sent to:

IFL inbox

This page gives more detail on our Information From Lenders (IFL) scheme, where we work with lenders to help fight mortgage fraud. It also has the reporting documents you can use to tell us about suspected fraud.

Information From Lenders reporting documents

IFL reporting form

IFL reporting template

If you would like to tell us about suspected fraud at an intermediary, please complete both of these forms and then email them to: IFL@fsa.gov.uk

If you would like to discuss IFL over the telephone, please call John Hindle on 020 7066 2760.  If you wish to discuss mortgage fraud and financial crime prevention at your firm in general you should contact your FSA supervisor.

 

How IFL works

Using our IFL reporting forms, lenders can tell us about intermediaries they suspect of being involved in mortgage fraud. 

Over the last four years, IFL has generated 700 alerts about mortgage intermediaries.  We have opened 100 enforcement cases, which has resulted in 80 mortgage intermediaries being banned and fines of over £1 million.

The scheme is voluntary, but we expect you to help us win the fight against financial crime.  The IFL scheme helps your firm and others in the industry fight fraud, reduces the chance of your firm being used to commit financial crime or facing a loss because of it. 

For legal reasons, we may not always be able to provide you with details of investigations, but we will give you as much feedback as possible, and work with you to make submissions as strong as possible.   

What we expect from lenders on mortgage fraud

You are responsible for making sure your business is not vulnerable to fraud – whether you are exposing it to unscrupulous customers or organised mortgage fraud gangs.

All lenders:

  • should have robust and proportionate resources, systems and controls in place so you can identify, detect and prevent mortgage fraud;
  • should make fraud detection and prevention a key part of your business; and
  • senior management should be responsible for managing fraud risks, overseeing, owning and regularly reviewing the control framework’s effectiveness.

Fraudsters and rogue intermediaries use their experience and knowledge of the market, plus loop holes, differing lending criteria, and checks and balances in the underwriting process.  You must make sure your firm is not solely targeted because of easily exploitable flaws in your processes.

We hold lenders responsible for weak fraud controls and will forcefully pursue any poor systems and controls by supervising more intensively and using enforcement action where appropriate.