A GOVERNMENT watchdog has issued warnings over a Sevenoaks trader accused of dealing illegally.

The Financial Services Authority said it had received reports that Mark Ainley, of Mark Anthony Financial Management in Sevenoaks, had entered into sale and rent back agreements, although he had no permission to do so.

The type of agreements are made when a company buys a home for less than the market value, typically 60 to 70 per cent, generally paying all fees and costs, and then rents the property back to the original owners.

A statement from the authority said of Ainley's dealings: "We have received information that Mark Ainley, (of) Mark Anthony Financial Management (MAFM), has entered into a number of sale and rent back agreements and in doing so he has acted outside the scope of the Part IV permission that we granted.

"Mark Ainley, who trades from London House, 77 High Street, is authorised and regulated by us.

"However, he has never been permitted to arrange, enter into or administer sale and rent back agreements."

It said anyone who has entered into a sale and rent back agreement with Mark Ainley or the firm should contact the authority immediately.

Ainley said the FSA statement was being considered by his lawyers and he would be making written representations to the authority in due course.

He added: "In the meantime, I am contacting any relevant third parties to inform them of the situation.

"It would not be appropriate for me to elaborate any further until my representations have been fully considered by the FSA."

Ainley was fined £350 for pretending someone else was driving his car when he was caught speeding in Borough Green Road, Wrotham.

At Maidstone Magistrates' Court, Ainley, of Whitepost Lane, Culverstone, admitted to failing to give his identity.

Ainley was ordered to pay £50 prosecution costs and received six penalty points on his driving licence.