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FSA to crack down on sale and rent back agreements

The Financial Services Authority (FSA) has this week issued a report about the sale and rent back market which has attracted significant criticism over the last few years. This is an area of the market which many believe preys on those in financial trouble and even thought there are many sensible and law-abiding companies in this sector there are also a number of "rogues" elements. So what will the FSA do in the future?

Various rules are now being introduced with regards to mortgage agreements and mortgage advice which ultimately make mortgage advisers more accountable for their advice. The FSA will also look to reduce additional costs which are often levied against those in mortgage arrears at a time when they can't actually afford to cover their regular payments. The authorities will also make it more difficult to repossess properties, citing repossession as a last resort.

While these moves by the UK government and the FSA will be well received by those in financial trouble this is not the first time we have seen this type of crackdown on this particular area of the financial arena. However, hopefully this time we will see the introduction of long-term changes in what can be a very useful sector but what has in the past attracted more than its fair share of criticism.

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