Which? Money has reported two sale and rent back (SRB) firms to the FSA after uncovering "woefully inadequate" advice.
Which? Money contacted nine firms about SRB as part of its investigation. Of the 17 advisers its researchers spoke to, just two gave acceptable advice. As a result, Which? has reported both Property Locksmith and Rapid Property Group to the regulator. As an introducer, Property Locksmith is not authorised, yet its adviser gave a Which? researcher a quote for SRB. Seven advisers failed to discuss whether SRB was a suitable option for the customer, with six of the seven going on to offer quotes. In one case, a Which? researcher was given a quote that would have left the customer with...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
