The firm’s website at www.propertycashbuyers.com is still live and continues to advertise its unauthorised quick home sale and rent back services with no recourse to the Financial Ombudsman leaving consumers open to abuse.
The FCA said: “We believe this firm has been providing financial services or products in the UK without our authorisation.
“This firm is not authorised by us but has been targeting people in the UK.”
Often desperate borrowers are still being urged to contact the firm by email to get a free valuation and home sale within 14 days at email@example.com
A testimonial attributed to Mrs.H. Stockport on the home page said: “‘I had tried to sell my house for over four months and I even reduced the asking price considerably and paid for a HIP. I then decided to try Property Cash Buyers. Their service was excellent and I completed in just over five weeks and I didn’t have to pay any fees whatsoever.”
Another, from Mrs. S.Wrexham, said: “I was going through a divorce and had to sell quickly when I tried Property Cash Buyers. It was good to deal with people who were considerate to both parties, and who provided a quick solution to our problem. I was pleased with the service and the time scale, and wouldn’t hesitate to recommend them.”
Here is a list of guidelines to offer clients to protect themselves against these firms.
SRB firms have been regulated since 30 June 2010, following the regulator’s emergency interim regime, introduced after a super complaint from the OFT.
SRB involves people selling their home, usually at a discount, in exchange for the right to remain in the property for a minimum of five years.