The Financial Conduct Authority (FCA) has issued its largest ever fine on a retail sole trader - nearly £1m - for sale and rent back failings.
Gurpreet Singh Chadda has been fined £945,277 and banned from working in the financial services industry. The FCA found him guilty of significant failings when conducting sale and rent back agreements. Birmingham-based Chadda was trading under the names Red2Black Homes and B&L Homes. The FCA investigated his involvement in seven sale and rent back transactions between June 2009 and January 2010 and found serious failings in all of them. A sale and rent back transaction is an agreement where a home owner sells their home and then rents it back from the arranger so as to be able ...
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