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UK Financial Services Authority Statement: FSA demands tough standards from firms dealing with arrears and sale and rent back customers

( June 25, 2010, 16:21 GMT | Official Statement) -- MLex Summary: Britain's financial regulator confirmed that mortgage advisers and brokers must be authorised to do business and issued final rules on the treatment of borrowers behind on payments, including that arrears-handling phone calls must be recorded. Stricter consumer protections for sale-and-rent-back transactions, including a 14-day 'cooling-off period' and a minimum five-year period remaining in the home, also take effect on 30 June.The Financial Services Authority (FSA) has today set out the rules which will ensure there are proper protections in place for vulnerable customers in arrears on their mortgages or entering sale and rent back (SRB) agreements....

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