FSA changes are welcome for consumers

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FSA changes are welcome for consumers

New rules to be introduced by the Financial Services Authority (FSA) that will protect consumers who are using sale and rent back schemes are being welcomed by one debt expert.

Kevin Still, director of debt solution specialist EuroDebt, said that he welcomed rules that would ensure customers have a security of tenure for a minimum of five years.

The new affordability and appropriateness checks that have been introduced have also met with his approval.

However, for some individuals it is important that they speak to a properly authorised sale and rent back advisor as well as getting help with debt solutions to get the assistance they need when controlling their unsecured debts.

The sale and rent back advisor will ensure that all the risks are made clear to the consumer during the sales process, he explained.

In addition to the above measures, the FSA has banned exploitative advertising and high-pressured sales and allowed customers a 14-day period to make a choice on sale and rent back.

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