The Regulation of Financial Services (Land Transactions) Act 2005 (c. 24) is an act of the Parliament of the United Kingdom.
The purpose of the act is to allow Ijara products and flexible tenure products to be regulated by the Financial Services Authority.Explanatory notes, paragraph 8
Background The Labour MP, David Stewart had proposed such a scheme in January 2005 through a private members' bill.
Provisions The act was designed to provide protections for elderly people in relation to certain kinds of equity release scheme through the Financial Ombudsman.
Section 2 – Short title and commencement Section 2(1) authorises the citation of the act by a short title.
Section 2(2) provides that the act came into force at the end of the period of two months that began on the date on which it was passed. The word "months" means calendar months.The Interpretation Act 1978, section 5 and Schedule 1 The day (that is to say, 19 December 2005) on which the act was passed (that is to say, received royal assent) is included in the period of two months.Hare v Gocher 2 QB 641, 2 All ER 673; Trow v Ind Coope (West Midlands) Ltd 2 QB 899 at 909, 2 All ER 900, CA. This means that the act came into force on 19 February 2006.
References Hansard
External links The Regulation of Financial Services (Land Transactions) Act 2005, as amended from the National Archives. The Regulation of Financial Services (Land Transactions) Act 2005, as originally enacted from the National Archives. Explanatory notes to the Regulation of Financial Services (Land Transactions) Act 2005.