can a member of your family be a independent finacial adviser?

tigger74

just wanted to know what people think to this subject

Say a close member of your family was an idependent finacial adviser and were preparing mortgage application papers and being maybe creative with the truth on your behalf.

As in they knew you had the last pay slip and were going on maternity for 12mnths

where would they stand if the banks knew?
si.

Angry_Bear

I would think that if they were knowingly being "creative with the truth" then that would be fraud.

tigger74

Angry_Bear wrote: »

I would think that if they were knowingly being "creative with the truth" then that would be fraud.

Thank you for the reply, that was my thoughts, and if this person did this with every mortgage they sold bearing in mind there earnings are on sales. what would the fsi do to them and there company they work for?
si.

dunstonh

Thank you for the reply, that was my thoughts, and if this person did this with every mortgage they sold bearing in mind there earnings are on sales. what would the fsi do to them and there company they work for?

It is unlikely they are doing it with every mortgage as I doubt all their clients are going on maternity leave. Also, it would depend on the questions asked on the mortgage application. Maternity leave is not the same as being made redundant.

The FSA wouldnt probably look at unless they have reasons to. If they found it was a frivolous informant they wouldn't look at it if he has a clean record and would just ask the employer to verify the case in question.

tigger74

dunstonh wrote: »

It is unlikely they are doing it with every mortgage as I doubt all their clients are going on maternity leave. Also, it would depend on the questions asked on the mortgage application. Maternity leave is not the same as being made redundant.

The FSA wouldnt probably look at unless they have reasons to. If they found it was a frivolous informant they wouldn't look at it if he has a clean record and would just ask the employer to verify the case in question.

I think you miss read my response. it was in ref: to the being creative with the truth.

tigger74

just a thought on creative with the truth, if IFA earn on sales then they would push the boundarys to earn more?

betmunch

can you define "being creative with the truth" please? and also give an example of when they have been "creative"

Thrugelmir

tigger74 wrote: »

just wanted to know what people think to this subject

Say a close member of your family was an idependent finacial adviser and were preparing mortgage application papers and being maybe creative with the truth on your behalf.

As in they knew you had the last pay slip and were going on maternity for 12mnths

where would they stand if the banks knew?
si.

Collusion. So not one party alone.

The borrower stands to lose as much. Being blacklisted by all finance lenders isn't the way to go.

Think carefully before lying and committing fraud by signing a declaration knowing it to be untruthful.

nearlyrich

tigger74 wrote: »

just a thought on creative with the truth, if IFA earn on sales then they would push the boundarys to earn more?

Not all sales people are unethical, some of us actually care whether what we are offering is appropriate for the purchaser...nothing wrong with earning commission for a job well done.

However some people are greedy and they have no scruples, I would be surprised if anyone would risk their reputation and professional status for a paltry reward. If you feel the IFA is committing fraud bear in mind the mortgagee is also committing fraud and do what you feel is the the right thing.

I am not involved in selling finance by the way!

tigger74

betmunch wrote: »

can you define "being creative with the truth" please? and also give an example of when they have been "creative"

mmmmm, say there is a self employed person desperate to get a mortgage and his sister was working for a broker company and helped him with mortgage but the earns were not true or over inflated?

GMS

tigger74 wrote: »

mmmmm, say there is a self employed person desperate to get a mortgage and his sister was working for a broker company and helped him with mortgage but the earns were not true or over inflated?

Then it is fraud on the part of the applicant and broker, both of whom knowingly submitted false information.

If you are looking for ways to get around affordability and criteria you will not get any help here.

Committing fraud is liable to land you in serious trouble and stop any finance being gained for a long long time.