The trade body noted that, since 1st April 2014, the FCA has given commercial finance brokers wider options and that the sector has seen the emergence of Principals and Appointed Representatives. The NACFB’s Code of Practice and Constitution are 'being revised to accommodate a new regulatory landscape not only being led by the FCA but also by [its] lenders and funders'.
The NACFB added:
"We cannot make any changes to our practices without of course reverting to our members to approve the changes that we feel are necessary to keep the Commercial Finance Broking industry in line with the demands of 2015 and beyond.
"We need to ensure that the Association is protecting our members and preparing the broking industry for a sustainable future. This is not only about regulatory changes, but to react to the requirements from the 124 lenders that we work with. They are keener than ever that we encompass regulation and support the broking industry as we forge even tighter links with the Asset Finance Funders, High Street and Challenger Banks and the Alternative lending market.
"Hitachi has recently supported 140 new brokers joining the NACFB’s membership, and two other lenders are set to follow that example. This gives us enormous opportunities, but also extra responsibility to ensure that Commercial Finance Brokers remain the primary source of new business introductions."
The NACFB has secured the services of a regulatory lawyer whose task is to oversee some Constitutional reforms and the redrawing of such critical documents as its Code of Practice. We will be engaging with our membership before we reach the Extra Ordinary General Meeting along with the Regulator, our Patrons and other Trade Association.
The NACFB is holding its Interim Conference and EGM on September 23rd at the Hilton Metropole in Birmingham, and it is calling on all those interested in the future of the industry to play their part in shaping their Association for the future.
You can register at nacfb.org under the Events listing.
