• Doing business with the FSA
  • How do I get authorised
    • Help for sale and rent back firms
      • Interim authorisation regime
      • Key changes
      • Preparing for Variation of Permission

If you are currently authorised – other than under the interim regime – this page is not relevant for you. Instead, please see the section offering help with applying for a Variation of Permission (VoP).

Preparing for Variation of Permission

From 30 June 2010, the interim authorisation regime for Sale and Rent Back (SRB) business will come to an end.

If you are interim authorised and you wish to continue undertaking SRB business from 30 June 2010, you must apply for and receive approval for the full regime.  Please apply as soon as possible (including the reduced application fee, see below) to ensure your application can be dealt with before the full regime starts.

If you were not carrying on SRB business on or before 1 July 2009, are not a currently interim authorised firm and are intending to commence SRB activities on or after 30 June 2010 you may submit your application pack ahead of the full regime coming into force on 30 June.  However, please note that under SRB legislation your application cannot be treated as being formally received until the full regime starts on 30 June 2010 – this is the date when the application fee becomes payable.  Please do not provide the application fee before this date as we are unable to accept it.

Changes for the full SRB regime

Consultation Paper CP09/22 provided details of intended changes to the SRB rules in the full regime compared to the interim regime.  The Policy Statement and final rules for SRB firms are now included in Consultation Paper CP10/04. 

Firms applying for full authorisation need to show how they will comply with the new rules in the full regime, not the interim rules.

Please see this summary of some of the key changes for the full SRB regime.

Applying for authorisation under the full regime

The ‘build your own’ application packs for home finance intermediaries and home finance providers have been updated.  These now include SRB activities in the available permissions and additional documents required by us to assess any application that includes SRB activities.

SRB permissions for the full regime will only be granted from 30 June 2010.  If you plan to continue SRB activities from 30 June 2010 for which you are currently interim authorised, you should apply as soon as you can, submitting all information and documents requested in the application pack.  

Please be aware that we have six months to assess your application for authorisation, with up to 12 months for an incomplete application.  An application is complete when we have received all the information and evidence needed for us to make a decision.  When submitting your application for full authorisation you must provide all information requested, even where this was provided in the interim application.

Please note you are not allowed to carry out any SRB activities until your application for full authorisation is approved.  This is a change from the interim regime.  So, if your application isn’t approved on 30 June 2010, you need to stop SRB activities until you are authorised.  This includes making arrangements for an authorised SRB administrator to take over the administration of any existing regulated SRB agreements.

Application fees for interim authorised firms

If you are only applying for the same SRB activities for which you are currently interim authorised, you will pay a reduced fee.  This is because your interim application fee will be deducted from the total application fee.  For example:

• Interim authorised SRB intermediaries paid £1,000 for their interim application.  They will now owe £500 when making their full application, resulting in a total of £1,500 for a new applicant.

• Interim authorised SRB providers and administrators paid £3,000 for their interim application.  They now owe £2,000 when making their full application, resulting in a total of £5,000 for a new applicant.

We cannot accept applications that include activities you are not currently interim authorised to carry out until 30 June 2010.  If you are interim authorised and you intend to apply for additional permissions in the full regime, you should apply for the permissions currently held and apply for a VoP (for which an additional fee will be payable) if and when your application has been granted.

Firms should provide a cover letter with the application stating the fee enclosed and explaining why this is correct.

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