The Financial Services Authority is to investigate unauthorised brokers who are suspected of arranging and advising on mortgages illegally, following the start of the regulatory system brought in on October 31st, 2004.
This countrywide investigation follows a pilot scheme in Edinburgh and Glasgow, where 100 visits were made to companies that were possibly acting illegally.
A list of companies to be visited has been drawn up, including the FSA's database of companies who applied for authorisation, but then withdrew.
Our view
Let's hope they stamp out the cowboys. It is unfair for many industry professionals to be 'tarred with the same brush' as the cowboys.