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Release Date: 23rd October 2015

To access the original FCA document, click here.


Quick Purchase Limited, trading as Rent My House Back, was fined £26,600 for serious breaches in 14 regulated sale and rent back (SRB) transactions between July 2010 and May 2011. The firm failed to ensure these transactions were affordable and appropriate for customers, causing significant consumer detriment.

Key Issues:

  1. Breach of Principle 6:
    • Failed to treat customers fairly and to pay due regard to their interests.
  2. Inadequate Assessments:
    • Did not gather sufficient customer information before approving SRB agreements.
    • Failed to properly assess the appropriateness of SRB transactions.
    • Did not assess the affordability of SRB transactions in accordance with MCOB requirements.
  3. Valuation Failures:
    • Did not ensure independent property valuations by surveyors who owed a duty of care to the customers.
  4. Record Keeping:
    • Poor record-keeping practices, failing to demonstrate compliance with regulatory requirements.

Key Takeaways for Other Firms:

By following these guidelines, firms can ensure compliance with regulatory standards, protect consumers’ interests, and avoid significant penalties.

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