Sale-and-rent-back interim regime comes into force
The Financial Service Authority’s interim regime for sale-and rent back schemes comes into force today.
It requires firms working in the market to apply for interim authorisation by August 1.
The regime aims to protect homeowners from suffering serious financial loss or, in some cases, their home.
FSA-regulated firms wishing to undertake sale-and-rent-back business need to apply for an interim variation of permission. Undertaking without permission is a criminal offence.
The interim regime lasts until June 30 2010, when the full regime will start.
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