FSA proposes ban on exploitative SRB advertising

The move comes as part of attempts to protect vulnerable consumers from the controversial sale and rent back (SRB) market. Under the proposals, which are open for responses until 30 November and due to come into effect in June next year, the regulator wants to prohibit firms from dropping promotional leaflets through letter boxes and prohibit the use of terms like ‘fast sale', ‘mortgage rescue' and ‘cash quickly' in literature. Ed Harley, head of mortgage policy at the FSA, says many of the people targeted in SRB are financially vulnerable and have been badly hit by the experience. ...