A tougher approach to mis-selling and fraud by banks and financial service companies is expected from the new coalition government. The new Chancellor George Osborne has previously hit out at white-collar fraudsters who were costing the economy around GBP30 billion every year, and the new government is looking at reforming corporate liability laws to force companies to be legally responsible for their actions.
There are plans for a new economic crime agency to investigate and prosecute the mis-selling of mortgages and pensions, as well as fraud, bribery and pyramid schemes . This would provide a coherent approach to tackling these financial and economic crimes, especially in light of Goldman Sachs being charged with fraud in the US, and the Financial Services Authority (FSA) doing its own investigation into financial fraud.
Mr Osborne has already stated that he believes stealing a mortgage or pension through complex financial fraud to be just as serious as mugging an old lady or burgling a house. "There have been far too few prosecutions as a result of the credit crunch and misselling of mortgages ".
He has called for an end to those committing financial crimes getting away with it just because they are rich and because of the current overlap of powers and responsibility within different agencies and departments.
Mis-sold Mortgage Claims > Mortgage News
New government to crack down on mis-sold mortgages
Tue, 18 May 2010
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