Financial Services Authority Sell & Rent Back Regulation

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Since the start of the credit crunch in late 2007 there have been a growing number of private investors and investment companies offering to buy property and then rent it back to the original owners, this sector has now grown into what has become known as the “Sell and Rent Back” Industry.

Although most investors operate in an ethical manner there were some concerns shown by various groups to protect the interest of the consumers involved, and so after a brief consultation period the Financial Services Authority released details of the regulatory framework for the Industry.

The main aim The Financial Services Authority in Regulating the Industry was to protect the interest of vulnerable consumers who, due usually to financial problems exacerbated by the credit crunch, were sometimes seen to be selling their homes on unfavourable terms.

From August 2009 any company wishing to work in the Sell and Rent Back sector has required authorisation by the Financial Services Authority. Initially from August 2009 until June the 30th 2010 there was be what was known as “interim” regulation and full regulation began from July the 1st 2010.

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Regulated companies must prove to the Financial Services Authority that they can operate to very high standards. Companies must be financially sound and able to meet the commitments of any Sell and Rent Back agreements they enter into. Financial Background and Criminal record checks are carried out on Owners and Directors to protect the interests of consumers.

All sell and Rent Back agreements must now also be clearly documented in writing including the terms and length of the tenancy agreement. Under the new regulations companies must also have a treating customers fairly policy in place with a clear complaints procedure set up.

Once authorised companies must submit regular financial and operating data to the Financial Services Authority to insure they continue to operate within the framework of the regulation.

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