Having worked in the financial industry for a few years, this is definitely necessary. Financial companies over the last few decades have shifted from a culture of responsibility to a culture of sales. There is constant pressure to "streamline" the underwriting process, i.e. cut out safeguards and checks and throw money at people as quickly as possible. When there are no effective incentives to do a good job, they aren't going to do it, and the burden will be shifted off to the public.