FSA is consulting on implementation of a full package of measures to protect consumers in the sale and rent back markets. The full regime will take over from the interim regime on 30 June 2010. FSA proposes a set of new rules, mainly in MCOB, and new perimeter guidance. The rules are wide ranging and include:
- ensuring appropriate fitness and competence standards;
- rules on timings and content of disclosures to consumers to ensure they have information they understand at the right time;
- rules on suitability;
- cooling-off periods;
- strict rules on promotion, including banning cold-calling; and
ensuring consumers have security of tenure. The consultation explains FSA's views on applying various parts of its rules to SRB business. FSA asks for comments by 30 November.