28 Jul

Expert: SRB regulations are good news

Expert: SRB regulations are good news

One industry expert has claimed that the new regulations issued by the Financial Services Authority regarding sale and rent back (SRB) schemes are "good news".

Chris Jenkins, co-owner of the Homeowners Advice Centre, explained that the new rules are currently just an interim measure, with full regulation expected to arrive in 2010.

Discussing whether or not the changes are likely to have a dramatic effect on the market, Mr Jenkins said that there may be a slight decrease in the number of firms offering SRB options.

"However, interim regulation is only of a very basic nature and we will have to wait until when full regulation is implemented before we see a significant shift towards larger organisations," he concluded.

In other property news, Norwich Union revealed that over the past ten years, its 80,000 customers have released £2.8 billion of equity from their homes.ADNFCR-1222-ID-19281276-ADNFCR

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