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FCA warns against unauthorised SARB firm Nationwide Property Buyers

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  • 08/11/2013
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FCA warns against unauthorised SARB firm Nationwide Property Buyers
The Financial Conduct Authority has warned consumers against the unauthorised sale and rent back firm Nationwide Property Buyers.

The regulator said: “We believe this firm has been providing financial services or products in the UK without our authorisation.

“Find out why to be especially wary of dealing with this unauthorised firm and how to protect yourself from scammers.”

Mortgage Solutions contacted Nationwide Property Buyers for comment, but the firm has not responded.

According to Nationwide Property Buyers’ website, the firm offers to buy a property but allow the seller to remain in the home as a tenant. It promises to help those who face repossession, large debts or need to release equity from their home.

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The website states: “Over the years, we have helped many people continue their lives in such a manner and our advisors [sic] will closely assist you in the quick sale of your home.”

Sale and rent back firms must be authorised by the FCA and report regularly on the state of the business and the number of complaints.

Firms must check consumers can afford the deal and must avoid emotive terms like “fast sale”, “mortgage rescue” and “cash quickly” in promotional literature.

The FCA issues public warnings in a bid to raise consumer awareness about unauthorised firms. If the regulator is convinced the firm is taking steps to fix the problem, these warnings may later be withdrawn

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