RPS gains FSA authorisation
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Residential Property Solutions, the specialist property fund and provider of sale-and-rent-back services, has become one of the first rent-back firms to receive authorisation from the FSA under its interim regime.
RPS has been authorised by the FSA to conduct all rent-back regulated activities, until the full regulatory regime comes into force on 30 June 2010. At that point all SRB firms will have to re-apply for authorisation.
Peter Beaumont, chief executive of RPS, says: “This is great news, not just for RPS but the whole SRB sector. Regulation will help raise standards throughout the industry and put SRB firms on a level playing field with other financial services providers.
“I hope that when the full regulatory regime is introduced next year, the FSA tightens the rules still further to close down some of the existing loopholes, such as the use of armchair investors. Currently, this group remains unregulated and represents a real risk of consumer detriment. The FSA has the opportunity to resolve such issues and I encourage them to do so.”
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