At FSA's January board meeting, it made four Instruments:

  • the Sale and Rent Back Instrument 2010: this sets the full regime for regulating the sale and rent back market and fully replaces the current interim regime from 1 July 2010. The new rules, which mainly amend MCOB but affect other parts of the Handbook as well, introduce many new consumer safeguards. They include a ban on cold calling, a cooling-off period, affordability and suitability test and minimum security of tenure. FSA published a feedback statement to its consultation, and is now consulting on reporting requirements for sale and rent back firms. It wants comments on its proposals by 30 April;
  • the DISP (Publication of Complaints Data) Instrument 2010: this requires a firm that gets 500 or more complaints in six months to publish information about them. The rules take effect from 6 April;
  • the COLL (Accounting Amendments) Instrument 2010: this amends COLL and the Glossary to reflect the IMA’s 2009 SORP and makes other minor clarifications. The changes take effect from 6 March; and
  • the DISP (Voluntary Jurisdiction and Sale and Rent Back Amendments) Instrument 2009: these changes to DISP take effect from 6 February and bring sale and rent back activities and operation of an MTF within the FOS's Voluntary Jurisdiction.