Jun
10
10/06/2010
The Financial Services Authority (FSA), which is the financial regulator that oversees banking practices, has fined JP Morgan Securities £33.32 million, which is a record in the world of banking fines. This fine was imposed on the bank for not following FSA rules and taking the necessary steps to protect customers’ money. The FSA found that JP Morgan Securities has been holding client funds with their own money for nearly seven years, which is in stark contrast to FSA rules that require financial institutions to hold client funds separately as a protective measure in case the banking firm becomes insolvent.
These fines will undoubtedly affect current banking practices and could result in increased bank charges. If you need cash to pay off debts, are struggling to pay your bills or are trying to cut back outgoings, consider the help of a sell to rent back company. Sell and rent back companies will buy your home for cash and allow you to stay as a tenant with a sell rent back deal. Property Rescue is one such sell to rent back company and has the ability to exchange within 48 hours. When choosing to sell rent back with them, you also do not have to pay valuation or estate agency fees, making sell to rent back an attractive option.
For a sell and rent back valuation, call Property Rescue on 0800 1313 999 or email them sales@propertyrescue.co.uk. You will obtain a quick house sale response in hours.