RPS receives FSA authorisation
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Residential Property Solutions has become one of the first sale and rentback firms to receive authorisation from the FSA under its interim regime.
RPS has been authorised by the FSA to conduct all sale and rentback regulated activities, until the full regulatory regime comes into force on June 30 2010. At that point all sale and rentback firms will have to re-apply for authorisation.
RPS chief executive Peter Beaumont says: “This is great news, not just for RPS but the whole sector. Regulation will help raise standards throughout the industry and put sale and rentback firms on a level playing field with other financial services providers.
“I hope that when the full regulatory regime is introduced next year, the FSA tightens the rules still further to close down some of the existing loopholes, such as the use of armchair investors. Currently, this group remains unregulated and represents a real risk of consumer detriment. The FSA has the opportunity to resolve such issues and I encourage them to do so.”
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