The Financial Services Authority is warning consumers not to deal with a mortgage broker after he sold sale-and-rent-back agreements without the necessary permissions.
Mark Ainley, sole trader at Mark Anthony Financial Management, is believed to have entered into a number of rent-back agreements, thus acting outside the scope of his permissions. The FSA is asking customers who have entered into or are about to enter into agreements with Ainley to contact it.
The Kent-based trader is autho-rised and regulated by the FSA but has never been permitted to arrange, enter into or administer rent-back agreements.
The FSA introduced full regula-tion of the rent-back market on June 30 this year. It banned the use of exploitative advertising and high-pressure sales techniques. It also introduced a 14-day cooling-off period to give consumers more time to make decisions.
The regulator also banned cold calling and introduced security of tenure for customers.