Sale & rent back to be regulated in July

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The FSA could begin regulating the controversial sale and rent back industry as soon as July this year, a consultation paper has revealed.

The set of proposals published today follow the Office of Fair Trading's (OFT) recommendations that the industry should be regulated to protect consumers. A two-stage approach has been suggested by the FSA, with an interim regulatory regime to be brought in from July, with a full regime following in the second quarter of 2010. Under an interim regime, sale and rent back firms would need to meet existing FSA threshold conditions. These include being run by fit and proper people, adhering to the Principles of Business and will need to meet some systems and conduct of business rules. Th...

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