Which? welcomes FSA action to protect consumers from “shoddy” sale and rent back advice

03 February 2012

As the Financial Services Authority (FSA) publishes a report that shows most sale and rent back (SRB) transactions were either unaffordable or unsuitable and never should have been sold, seeing the market temporarily closed, Which? chief executive, Peter Vicary-Smith, says:

"It's welcome news that the FSA has taken action to stop people falling prey to shoddy advice from sale and rent back firms. Which? exposed the shortcomings of this market last year, after our own investigation uncovered woefully inadequate advice. This is exactly the type of strong, proactive action we're calling for from the new financial regulator in our 'Watchdog not Lapdog' campaign.
"We now want to see redress for those consumers who have been given poor advice by SRB companies, and for this to happen quickly."

The consumer champion has launched its Watchdog not Lapdog campaign, calling on the Government to make the FCA a strong ‘watchdog’ and not a weak ‘lapdog’, to stand up to the banks.

Notes to Editor

Which? is calling for a financial regulator that acts as a consumer champion. Pledge support for its ‘Watchdog not Lapdog’ campaign or volunteer a dog to be a face of the campaign at www.which.co.uk/watchdog
 
Which? investigated sale and rent back firms in 2011:  http://www.which.co.uk/news/2011/02/which-exposes-sale-and-rent-back-firms-245640/