Today the government watchdog the FSA has announced its proposals for regulating sale and rent back transactions - the sector it deemed to be so bad that regulation was needed, and quick.
Following the OFT's report into consumers being ripped off at their most vulnerable, the FSA plans to force companies to comply with minimum standards and bring the SRB firms under their jurisdiction. This will give them the teeth to bite when a firm has abused the system, and once the full regulation is brought in (this is only the emergency, interim regulation you understand) there might well be a minimum standards exam for SRB staff to take.
See the full FSA document here, our EGi story here, and a nice analysis of the 18-month saga from Inside Housing here
From 1st July 2009 any company offering a sell and rent back scheme will have just 1 month in which to submit an interim permission application to be able to continue on in business. Any sell and rent back company will need to prove they meet the minimum standards and will have to offer a regulated sell and rent back scheme. The FSA will ensure that those selling this way are treated fairly and that they clearly understand the scheme.