28 Jul

Expert: FSA regulation of sale and rent back is good news

Expert: FSA regulation of sale and rent back is good news

The introduction of regulation of the sale and rent back market by the Financial Services Authority (FSA) has been described as "good news" for consumers by one property expert.

New rules mean that all companies offering sale and rent back arrangements must register with the FSA by August 1st.

Chris Jenkins, co-owner of the Homeowners Advice Centre, said that the key to protecting homeowners was to provide them with more information as to how to recognise good and bad sale and rent back schemes.

He recommended the Citizens Advice Bureau and Shelter as good sources of advice.

"The FSA regulations are good news," he said, predicting that there will be a "slight decrease" in the number of companies offering sale and rent back.

Firms have been able to submit applications to the FSA since July 1st, but the regulation itself is not expected to commence until June 30th next year.
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