It won't have escaped Clients' attention that CP09/6, the FSA Consultation Paper on the future regulation of Sale and Rentback is out. If it has, then you it can be downloaded from www.fsa.gov.uk/pages/Library/Policy/CP/2009/09_06.shtml.
Those that made it to our SARB mini conferences with the NLA would have heard our warnings that regulation would come this year; and would have read our slides on the proposed legislation itself. Both have proven to be near enough true.
In response to queries since 6 February from providers and intermediaries we will be working on a formal response and liaising with Chris Norris at the NLA to formulate this. Our Clients' comments would be welcome- and will be treated in the strictest confidence.
In addition we will be producing our own advice on complying with regulation and how this fits into your existing models. We have been contacted by numerous companies and individuals looking for support and, in that regard, we will be investigating the possibility of establishing a SARB Network under which intermediaries and providers will be able to receive authorisation to conduct business. This will help you to satisfy the initial and continuing authorisation and compliance issues.
This is a massive step for us but we hope it will be a successful one and will allow the incredibly short timeframes given to the industry by the FSA to be met. We will have another announcement to make on this by the second week in March.
ACT NOW.
If you are interested in developing a working and long term relationship with us then get in touch directly or via the NLA. We remain committed to achieving best practice and success amongst our Clients enabling you to develop your proposition as you want it to be.
Conveyancing
We are the only dedicated SARB law firm to be approved as part of the Land Registry portal scheme
SARB CASE MANAGEMENT models
Automatic VERIPHY instruction, property comparables and money laundering checks
ONLINE Case Tracking
FRONT Loaded Procedures
Technical INSOLVENCY know-how
APPOINTED panel lawyers for The Mortgage Works, Platform, Edeus and SPML
Regulation
We are the only dedicated SARB law firm to be assisting the Treasury and FSA on regulation
UNIQUE insight into regulatory drafting
REGULATION experience with Lenders
COMPLIANCE documents and processes
CONSULTANCY proposals to develop a SARB compliant network
EXPERIENCE in a regulated environment advising on insolvency risks for SPML, Unity and DB Mortgages
Title Insurance
We have developed the ONLY combined title insurance for Landlords and Tenants BESPOKE for Sale and Rentback
12 months in development
All Inclusive Title Insurance for conveyancing INCLUDING INSOLVENCY cover
Saving of £316.16 on EACH transaction
NEW Tenant Insurance to cover dislocation costs, enabling you to provide a guarantee
NEW RISK identifiers and scores for tenant's credit and potential insolvency
