PMS launches financial crime prevention hub for advisers

→ PMS Mortgage Club is helping directly authorised firms to protect their businesses with the launch of a new financial crime and mortgage fraud prevention hub.

The hub keeps mortgage advisers updated on the latest emerging threats and provides practical guidance to help combat potential fraudulent mortgage activity.

The hub provides information and guidance on issues including:

  • The different types of fraud that advisers need to be aware of and assistance with mortgage fraud prevention.
  • Good practice for working with introducers.
  • Guidance for buy to let business and working with portfolio landlords.
  • Checklist to help deal with potential mortgage fraud and other suspicious activity.
  • Links to organisations such as the National Crime Agency and Action Fraud, for reporting suspicious activity.
  • Lender insights on the latest issues and threats out in the market.

In addition to the hub, PMS has also teamed-up with its sister-company Bankhall to provide access to additional tailored support for firms that want to review their current processes and safeguards, with a view to strengthening their systems and controls.

Jane Benjamin, Director of Mortgages at PMS Mortgage Club, said:

PMS is committed to helping directly authorised firms to write quality business and manage their risks. Mortgage fraud is an area of deep concern for advisers, and tackling financial crime has also been highlighted as a priority area by the FCA, including in their recently published business plan for 2019/20. These issues and risks are continually evolving, so our message to advisers is to be vigilant and stay safe.

Jane continued: “We’re working closely with our members and lender partners to share information, best practice and practical guidance on how to deal with this threat. Our new hub will keep advisers informed and updated on the latest developments, with new PMS and lender content added on a regular basis as new threats emerge. In the event that advisers have suspicions on a case then we’re also making it easier for them to take the appropriate action.”

Shaun Church, Director at Private Finance, was instrumental in the development of the financial crime and mortgage fraud prevention hub. He commented: “As PMS members it’s important for us to work together in order to ensure that potential fraudsters do not have free rein within the broker community to dupe unsuspecting firms and their customers. That’s why this latest initiative from PMS Mortgage Club is to be welcomed, by providing a focal point and easy mechanism for reporting such enquiries, so well done to PMS for listening and implementing this. I feel that it is a great example of how brokers can work together with their mortgage club and lenders for the benefit of all parties – long may it continue.” ​​​​

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Sesame Bankhall Group Limited, company number 3573352. Sesame Limited, company number 2844161. Sesame Services Limited, company number 2338540. Bankhall Support Services Limited, company number 2785381. Sesame General Insurance Services Limited, company number 01902998. Premier Mortgage Service Limited, company number 05011650. Each company is registered in England & Wales with a registered office at Pixham End, Dorking, Surrey, RH4 1QA. Bankhall Support Services Limited and Sesame Limited are authorised and regulated by the Financial Conduct Authority. Sesame General Insurance Services Limited and Premier Mortgage Service Limited are appointed representatives of Sesame Limited.