Under new rules introduced on July 1, all unauthorised sale and rent back firms had to apply for interim authorisation to enable them to conduct business prior to the full introduction of the regulatory regime in the second quarter of 2010.
RPS chief executive Peter Beaumont says: “I believe we are one of the first firms to be notified of interim authorisation. It will be interesting to see, in due course, how many firms have been granted authorisation, because this will be the first time that an accurate figure can be put against the size of the sale and rent back market.”
Beaumont’s firm has produced its own ethical charter with additional standards for sale and rent back providers, beyond those of the regulator. He says: “I believe this will help raise standards across the whole industry. Regrettably, no firms have yet put their names forward, but I am hopeful that other sale and rent back providers will see the wisdom of doing so, in due course.”