Illegal SRB Operators - Sunday 12 July

Most sale and rent back firms are now operating illegally, we believe - by continuing to operate without intending to become authorised by the Financial Services Authority (FSA).

If a firm is now offering to buy your house and rent it back to you, they must have applied to the FSA for authorisation before 1st August 2009.   If they fail to do so they risk prosecution.

It is now mandatory for all sale and rent back (SRB) firms to be FSA authorised. If they are not already in application to the FSA for authorisation, then it is highly unlikely that they will meet the 1st August deadline - and will therefore be acting illegally.

If you approach other SRB companies, be sure to ask them whether or not they are FSA authorised.  If they are not authorised, and if they are not in application to the FSA, then you may wish to report them to the FSA (they have an enquiry line: 0300 500 5000). 

Another tell-tale sign of whether or not an SRB company is FSA authorised is that an FSA authorised firm is required to issue you with a "Disclosures and Warnings" document with 12 items labelled (a) to (l).

It has taken us more than 4 months of preparation to apply to the FSA for authorisation - a committment that many others will not wish to make.  We pride ourselves in providing an ethical and compassionate service since 2002.