28
Jul
Expert: SRB regulations are good news
One industry expert has claimed that the new regulations issued by
the Financial Services Authority regarding sale and rent back (SRB)
schemes are "good news".
Chris Jenkins, co-owner of the Homeowners Advice Centre, explained
that the new rules are currently just an interim measure, with full
regulation expected to arrive in 2010.
Discussing whether or not the changes are likely to have a dramatic
effect on the market, Mr Jenkins said that there may be a slight
decrease in the number of firms offering SRB options.
"However, interim regulation is only of a very basic nature and we
will have to wait until when full regulation is implemented before
we see a significant shift towards larger organisations," he
concluded.
In other property news, Norwich Union revealed that over the past
ten years, its 80,000 customers have released £2.8 billion of
equity from their homes.