FSA to test crime systems
The FSA will make targeted visits to 200 mortgage intermediaries to assess their financial crime systems and controls. Other measures to help tackle mortgage fraud include better information sharing and intelligence analysis in the industry. Increasing mortgage fraud is expected to lead to higher PI premiums for surveyors.
Synergy’s first buy
Synergy Plus Group made its first acquisition this week. The new broking group bought Bradford-based CUS Underwriting for £6m and is targeting brokerages with a £0.5m-£1.5m annual turnover as part of its expansion plans.