OFT seeks substantiation from sale and rent back schemes

The Office of Fair Trading (OFT) has issued formal notices to 16 sale and rent back firms asking them to prove the claims they made in their adverts. The firms have been given 14 days to reply, and based on their responses the OFT will make a decision on whether to take further action against the firms or not. Last year the OFT found that some firms may be misleading consumers as to the value of their property and how long they may stay in it after it is sold.