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Beaumont sets up sale and rentback firm

Former Mortgages PLC chief executive Peter Beaumont is set to launch a new sale and rentback provider.

Beaumont headed Merrill Lynch subsidiary MPLC before it stopped lending last May. He has teamed up with former MPLC chairman Trevor Pothecary and Bill Warren Compliance head Bill Warren to launch the sale and rentback provider Residential Property Solutions.

The FSA and Treasury published consultation papers in February 2009 over the regulation of sale and rentback, and will begin interim regulation from July 1. Beaumont says he is confident RPS will be one of the first regulated providers. It is funded by Elliot Advisers, the UK subsidiary of American hedge fund Elliot Associates, which backed Alan Cleary’s Exact venture after the collapse of Edeus.

Beaumont says: “We are trying to be very consumer-centric, improving their situation over a long period of time. We are aware that our proposition will not be for everyone, we are at the bottom of the funnel, but that is not a bad thing. People should have considered all their other options before they come to us.”

Key Retirement Solutions group director Dean Mirfin says that sale and rentback has long needed to be put in regulatory order.

He says: “There is still a great concern that people could be in a position where they have to decide about sale and rentback very quickly, while in a very difficult situation. We hope the environment changes so those people are armed with enough information to make an informed choice.”

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