[an error occurred while processing this directive]
Help
BBC OnePanorama

MORE PROGRAMMES

Last Updated: Wednesday, 10 October 2007, 14:09 GMT 15:09 UK
FSA Statement
The Financial Service Authority has given the following statement to Panorama

"Work on the sub-prime mortgage sector in the UK has been a major focus of the FSA's work this year.

In July we reported the results of a review of mortgage lenders and brokers operating in the sub-prime market which found weaknesses in responsible lending practices and in firms' assessments of a consumer¿s ability to afford a mortgage.

STATEMENTS FROM LENDERS

Most computers will open this document automatically, but you may need Adobe Reader

As a result we referred five firms to our enforcement division.

This focus will continue with work paying particular attention to self-certification business, and we will take action against firms that do not adhere to our rules or treat their customers fairly.

We are also determined to cut down on mortgage fraud. Based on our investigations and on information received from lenders and whistleblowers we have banned a number of brokers who have been involved in knowingly overstating the income of mortgage applicants and we will continue to crack down on this abuse.

SEE ALSO
Transcript - Sub-prime Suspect
10 Oct 07 |  Panorama
Sub-prime Suspect
08 Oct 07 |  Panorama

RELATED BBC LINKS

RELATED INTERNET LINKS
The BBC is not responsible for the content of external internet sites


FEATURES, VIEWS, ANALYSIS
Has China's housing bubble burst?
How the world's oldest clove tree defied an empire
Why Royal Ballet principal Sergei Polunin quit


banner watch listen bbc sport Americas Africa Europe Middle East South Asia Asia Pacific