What first attracted you to United Trust Bank?
Having spent the vast majority of my career at Barclays, I was keen to join a smaller bank which wanted to grow. However the most important thing that attracted me to UTB was the culture of the company. It was apparent to me, during the fairly lengthy interview process, that this was a business that cared about its people and, as it grows, wants to protect the culture it has established. The executive directors, who are also the owners of the business, know everyone, they celebrate employee’s birthdays and encourage debate about how to make the bank even more successful. I felt that during the interviews, I wasn’t just been judged on my ability to do the job, but whether I would fit into the culture and values of the business. What is also refreshing is that there do not appear to be big ego’s lurking around every corner, but simply a hard working team who are focused on the same goals.
What makes UTB attractive to a broker?
We have well over 100 active Brokers who enjoy the benefits of UTB’s offering. As a well-established British bank we are considered by most of these Brokers as a very important niche funder which provides an excellent service in terms of credit turnaround and pay out times. Because UTB are a relatively small asset finance team most of our Brokers know us very well and can pick up the phone at any time to seek help or guidance. We have an extremely proactive Risk team who are often discussing deals with our Broker partners to try and make a deal happen. We are very strong in the refinance arena and have a strong appetite for subletting business including cars (not prestige), vans and plant hire. We have a good track record of funding prestige cars and even classic and left hand drive cars. We are flexible in that we will pay out on emailed documents and will consider non-standard suppliers. Finally, we do not charge an annual admin fee and share a £200 minimum documentation fee with our Brokers. Together that makes a compelling proposition.
What do you think will happen in the Asset Finance market during 2015?
The UK economy continues to do well, notwithstanding some issues such as the forthcoming election, a potential referendum on Europe and the strength of the pound against the euro impacting on exports to the Continent. The broker introduced asset finance market grew by c20% last year to c£4.5bn and I believe that this growth will continue this year. Although regulation is having an impact on the broker market, I still believe that brokers will play an even more important part in supporting British business and helping to find the right funder. I am quite clearly not the only one who thinks this, judging from the amount of new funders that want to do business in this market.
How do you think the new FCA regulations will affect Asset Finance brokers?
The regulations are having a big impact on our brokers and feedback has been varied. Some have already got full permission and look forward to growing their businesses, others have received a raft of questions following their submissions, others have their fingers crossed and some have decided not to bother. The extra legislation will mean that for some who are near, or at retirement age, they will simply make the decision to retire. Many others have decided that either they are going to come under the umbrella of a fully licensed broker or merge their skills. Inevitably this will mean there will be fewer independent brokers in the market but that some of the bigger broker groups will grow further. 2015 will be a significant year because of these changes but as we look further ahead into 2016, things should have started to settle down.
What's new in Asset Finance from UTB?
There have been quite a lot of changes at UTB over the last few years and that looks set to continue. Our ambition is to grow and become an even more important funder in the market across a wider range of assets. We also want to develop our broker base across the country. I joined as Head of Sales in February and at the same time we appointed Gordon McArthur, who is covering the North of England and Scotland. The Bank moved at Easter from our West End location in Haymarket to bigger offices in the City where we now have fantastic views of London from the 28th floor of our new home right by Moorgate Station. Last year, we extended our asset appetite to include more plant and manufacturing and engineering machinery, including CNC machines, and we reduced our pricing requirements. We are in the process of communicating that this will include 5 year business as well. There are some other exciting developments in the pipeline, so watch this space!
If you weren’t in the Asset Finance business what would you be doing?
Having played football for the West Midlands County when I was at school, I wanted to play professional football but the money wasn’t good enough!! (it was a long time ago!!). So instead, I went into Asset Finance. To be serious I always loved numbers and didn’t fancy working in an office full-time, so suspect I was always destined for a role in sales in some form of financial service business.
