"Gifted Deposits"

Tel. 020 7066 8080
Ref. FOI1088

Dear Sir/Madam

Freedom of Information: Right to know request

Thank you for your request for information under the Freedom of
Information Act 2000 (the Act).

Your request was received on 01 December 2008 and will be processed in
accordance with the Act.

There may be a fee payable for the information you have requested. If
that is the case, you will be informed of the likely charges before we
proceed. The fee must be paid before the information is released.

If you have any queries please contact me.

Yours sincerely

Information Access Team

Financial Services Authority

show quoted sections

This communication and any attachments contains information which is
confidential and may be subject to legal privilege. It is for intended
recipients only. If you are not the intended recipient you must not copy,
distribute, publish, rely on or otherwise use it without our consent. Some
of our communications may contain confidential information which it could
be a criminal offence for you to disclose or use without authority. If you
have received this email in error please notify [email address]
immediately and delete the email from your computer.

The FSA reserves the right to monitor all email communications for
compliance with legal, regulatory and professional standards.

This email is not intended to nor should it be taken to create any legal
relations or contractual relationships. This email has originated from

The Financial Services Authority (FSA)

25 The North Colonnade,

Canary Wharf,

London

E14 5HS

United Kingdom

Registered as a Limited Company in England and Wales No.1920623.

Registered Office as above

Switchboard: 020 7066 1000

Web Site: http://www.fsa.gov.uk

*****************************************************************

Tel. 020 7066 8080
Our Ref. FOI1088

Dear Mr Watts
Freedom of Information: Right to know request
Thank you for your request under the Freedom of Information Act 2000 (the
Act), for the following information:
"So called "Gifted Deposits" - these are where a property vendor and their
agents conspire to raise the value of a property above it's actual sale
value for the purpose of making a deposit appear as being paid by the
purchaser. Example sale price £155,000 actual priced paid £100,000 -
£55,000 entered as deposit, Sale prices appears on the land registry as
£155,000.

FoI Request - how many Solicitors have you investigated for this fraud,
how many have been prosecuted and how many are still under investigation.
For a solicitor to make a false representation of price on the land
registry would be a fraud wouldn't it, as would using a gifted deposit to
obtain a mortgage ...."

Your request has now been considered and I will answer each point in turn.

i. How many Solicitors have you investigated for this fraud (gifted
deposits)?

The FSA has not, to date, carried out any investigations into
solicitors in relation to this issue.

(ii) How many have been prosecuted?

In view of the above, the answer to this point is "none".

(iii) How many are still under investigation?

In view of the above, the answer to this point is "none".

As you may be aware, the regulatory body for solicitors is the Solicitors'
Regulation Authority. The FSA regulates firms of solicitors which are
authorised under the Financial Services and Markets Act 2000, and
individual solicitors who are approved persons under that Act. Its
regulatory functions in relation to those firms and individuals are
limited to those areas for which it has regulatory responsibility. The
majority of firms of solicitors, and individual solicitors, do not fall
into either of those two categories and, as such, are not regulated by the
FSA.

Yours sincerely

S Malko
Information Access Team
Financial Services Authority

show quoted sections

This communication and any attachments contains information which is
confidential and may be subject to legal privilege. It is for intended
recipients only. If you are not the intended recipient you must not copy,
distribute, publish, rely on or otherwise use it without our consent. Some
of our communications may contain confidential information which it could
be a criminal offence for you to disclose or use without authority. If you
have received this email in error please notify [email address]
immediately and delete the email from your computer.

The FSA reserves the right to monitor all email communications for
compliance with legal, regulatory and professional standards.

This email is not intended to nor should it be taken to create any legal
relations or contractual relationships. This email has originated from

The Financial Services Authority (FSA)

25 The North Colonnade,

Canary Wharf,

London

E14 5HS

United Kingdom

Registered as a Limited Company in England and Wales No.1920623.

Registered Office as above

Switchboard: 020 7066 1000

Web Site: http://www.fsa.gov.uk

*****************************************************************

Tel. 020 7066 8080
Our Ref. FOI1088

Dear Mr Watts
Freedom of Information: Right to know request
Thank you for your request under the Freedom of Information Act 2000 (the
Act), for the following information:
"So called "Gifted Deposits" - these are where a property vendor and their
agents conspire to raise the value of a property above it's actual sale
value for the purpose of making a deposit appear as being paid by the
purchaser. Example sale price £155,000 actual priced paid £100,000 -
£55,000 entered as deposit, Sale prices appears on the land registry as
£155,000.

FoI Request - how many Solicitors have you investigated for this fraud,
how many have been prosecuted and how many are still under investigation.
For a solicitor to make a false representation of price on the land
registry would be a fraud wouldn't it, as would using a gifted deposit to
obtain a mortgage ...."

Your request has now been considered and I will answer each point in turn.

i. How many Solicitors have you investigated for this fraud (gifted
deposits)?

The FSA has not, to date, carried out any investigations into
solicitors in relation to this issue.

(ii) How many have been prosecuted?

In view of the above, the answer to this point is "none".

(iii) How many are still under investigation?

In view of the above, the answer to this point is "none".

As you may be aware, the regulatory body for solicitors is the Solicitors'
Regulation Authority. The FSA regulates firms of solicitors which are
authorised under the Financial Services and Markets Act 2000, and
individual solicitors who are approved persons under that Act. Its
regulatory functions in relation to those firms and individuals are
limited to those areas for which it has regulatory responsibility. The
majority of firms of solicitors, and individual solicitors, do not fall
into either of those two categories and, as such, are not regulated by the
FSA.

Yours sincerely

S Malko
Information Access Team
Financial Services Authority

show quoted sections

This communication and any attachments contains information which is
confidential and may be subject to legal privilege. It is for intended
recipients only. If you are not the intended recipient you must not copy,
distribute, publish, rely on or otherwise use it without our consent. Some
of our communications may contain confidential information which it could
be a criminal offence for you to disclose or use without authority. If you
have received this email in error please notify [email address]
immediately and delete the email from your computer.

The FSA reserves the right to monitor all email communications for
compliance with legal, regulatory and professional standards.

This email is not intended to nor should it be taken to create any legal
relations or contractual relationships. This email has originated from

The Financial Services Authority (FSA)

25 The North Colonnade,

Canary Wharf,

London

E14 5HS

United Kingdom

Registered as a Limited Company in England and Wales No.1920623.

Registered Office as above

Switchboard: 020 7066 1000

Web Site: http://www.fsa.gov.uk

*****************************************************************