Subject to the approval of Parliament, this legislation will mean that the FSA will be able to publish details of its regulatory regime, which will take effect on July 1.
The legislation laid out by the Government today includes a two-stage approach to regulation: the FSA will put in place its full regulatory regime in the second quarter of 2010, following consultation and the publication of its final rules.
This follows the Government’s consultation into the sector earlier this year, which in turn followed an Office of Fair Trading market study published at the end of last year.
The OFT report called for compulsory regulation, increasing consumer awareness and improving information about housing benefits.
Chief Secretary to the Treasury Yvette Cooper says: “The Office of Fair Trading found last year that vulnerable homeowners were at risk from unscrupulous sale and rentback operators. It’s not right that people can be pushed out of their homes through dodgy deals.”