The Financial Services Authority have finally announced their plans for Sell and Rent Back Regulation. From as early as July 2009 Interim regulation will begin and it is envisioned that the Industry will be fully regulated by the second quarter of 2010.
Although the vast bulk of companies who offer Sell and Rent Back Schemes do so in a fair and ethical way the new regulations are designed to protect vulnerable homeowners from unscrupulous operators.
The new Sell and Rent Back regulation will force any companies who wish to offer these schemes to register with the Financial Services Authority and prove they are fit to operate. There will be checks on the backgrounds of the owners of companies and they will have to prove they have sufficient finances in place.
In general the proposals are welcomed by the industry a spokesman for the leading Sell and Rent Back comparison site www.comparepropertybuyer.co.uk said "Its about time the industry was properly regulated, at the moment a few bad apples are giving the whole industry a bad name, the sooner they are rooted out the better"
Regulation has been in force for several years in the Home Reversion Industry and has succeeded to a large extent in protecting elderly people, it is expected that Sell and Rent Back regulation will have similar benefits for people of all ages who are considering such Schemes.
Sell and Rent Back regulation will have numerous benefits for consumers. In particular companies will have to show transparency in how they value properties giving homeowners the option of an independent valuation. Sell and Rent Back regulation will also protect peoples security of tenancy, companies will be forced to honour any long term rental agreements that they give.
Sell and Rent back regulation will also stipulate that companies tell clients that they can get free independent advice before they make a decision.
You can find out more about Sell and Rent Back Regulation on the Office of Tradings Website or at the independent comparison site www.comparepropertybuyers.co.uk
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