Wright & Wright LLP
The FSA Consultation paper is out. The long haul to regulation just got a lot shorter.
Greetings!
 
It won't have escaped your attention that CP09/6, the FSA Consultation Paper on the future regulation of Sale and Rentback is out. If it has, then you can download it from  www.fsa.gov.uk/pages/Library/Policy/CP/2009/09_06.shtml.
 
Those of you that made it to our SARB mini conferences 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 last Friday from providers and intermediaries we will be working on a formal response and liaising with other interested parties to formulate this. Your own 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. It is likely that this will be done on a more individual basis with those that request it rather than with a broad brush approach which might not work in these circumstances.
 
Conveyancing
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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
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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
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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 
ACT NOW.
 
If you are interested in developing a working and long term relationship with us then get in touch. We remain committed to achieving best practice and success amongst our Clients enabling you to develop your proposition as you want it to be.
 
 
Kind regards,
 
Julian Sampson
Wright & Wright LLP
+44 (0)1483 531264
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Wright & Wright LLP is regulated by the Solicitors Regulation Authority. All transactions carried out will be undertaken in accordance with strict service and introducer agreements established with you.
Diary Dates for you
 
Remember:
this applies to SARB providers AND intermediaries 
Regulation has been quick to come upon us but the framework has substantively been in place with the home reversion/ home purchase plan legislation. Your own preparation will need to be similarly speedy and hopefully will build on your existing systems. We recommend the following timetables for you,
 
February:
Initial discussions would be required for,
 
a. title insurance contracts
b. risk management and online aids
c. compliance review
 
March:
Development of interim FSA application and internal controls and training
 
Implement title insurance on existing transactions to expedite prior to July.
 
April:
Make final representations, through Wright & Wright if you wish, on regulation.
 
1 May 2009: FSA Consultation ends
 
July 2009: Anticipated "R" Day
 
2010: Full Regulation