Sale and rent-back sector

In February 2009, the Financial Services Authority published a consultation paper (“Regulating the sale and rent-back market: a consultation”) setting out proposals to regulate sale and rent back schemes used as part of the Government-inspired mortgage rescue schemes. See comment in the CPI Update – March 2009. The Financial Services Authority has now published details of the regime that it aims to introduce on 1 July. Under this interim regime, firms providing sale and rent-back schemes will need to comply with FSA threshold conditions including the requirement to have adequate resources and to be run by fit and proper people. See FSA sale and rent-back announcement