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FSA warns over broker’s sale and rentback business

The FSA has warned consumers that sole trader Mark Ainley may have advised clients into sale and rentback contracts without having the correct authorisation to do so.

It says it has been informed that Ainley, trading as Mark Anthony Financial Management, has entered into a number of sale and rentback agreements and has acted outside the scope of the part IV permission.

It urges any clients who have entered into such contracts with him or those who may be on the point of doing so to contact the FSA urgently.

The FSA says Ainley, who trades from London House, 77 High Street, Sevenoaks, Kent TN13 1LD, is authorised and regulated, but adds: “He has never been permitted to arrange, enter into or administer sale and rentback agreements.”

In June, the FSA ended its interim regime to regulate the sale and rentback sector and brought in full regulation of the sector. The measures it brought in included a ban on exploitative advertising and high-pressure sales techniques, the prohibition of emotive terms such as “fast sale”, “mortgage rescue” and “cash quickly” in promotional literature and a ban on cold-calling or dropping promotional leaflets through letterboxes. It also introduced sec-urity of tenure for sale and rentback customers for a minimum of five years.

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