FCA has issued a fine and statement of misconduct in relation to 11 sale and rent back (SRB) transactions with customers which were deemed to have been either inappropriate, unaffordable or both. It fined Quick Purchase Limited £26,600 for failing to ensure the appropriateness of the transactions which led to significant consumer detriment, with customers potentially foregoing 29-38% of the equity in their homes. As the only controlled function holder during the relevant period, Director Steven Martin had a statement of misconduct issued for the same reasons. (Source: FCA Issues Final Notices Over SRB Transactions)