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The NACFB is the only UK trade body dedicated to the commercial finance broker. We represent members from across the whole commercial finance market: from buy-to-let specialists and commercial mortgage advisers to vehicle finance brokers; from leasing and asset finance specialists to factoring brokers. All NACFB members comply with an industry recognised Code of Practice
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Education key for 2008
18th February 2008
During the latter stages of 2007, I spent a number of months meeting patrons of the NACFB and other associated Trade Bodies including the FLA, ABFA and CML. There was always one theme through these conversations whether at formal meetings, social events or Industry gatherings. The discussions always turned to Broker training and how could the Association help in producing a better Commercial Finance Broker.
It has always been recognised that your NACFB Broker is going to have a better approach and they are going to be treated by the Industry differently. Simply because of the Code of Practice to which the adhere and the standards they need to uphold. But I have always asked the question since my tenure here at the NACFB “Is this enough for our members or the Commercial Finance industry as a whole ?. This was perhaps answered during these numerous conversations throughout the latter part of 2007.
We have now began to address the request of the Industry and began to provide training for our Members and growing to all Brokers dealing with Commercial Finance, in particular those wishing to consider this area of advice for the first time.
So, where do we begin, as with all things it has to be the basics and I felt that there was not enough recognition of the different aspects of Commercial Finance. This also meant that once the different components were recognised, how could they be dealt with by a Broker.
The Components I refer to of course are:
- Property Funding through a Commercial Mortgage
- Equipment Funding through Asset Finance
- Debtor Funding through Factoring and Invoice Discounting
- Provision of Company Transport through Vehicle Finance
- Short Term provision through Bridging Finance
And always recognising the status of lending that the customer requires.
The trend in recent years has been to provide a Commercial Mortgage to cover all aspects of this funding, but we are now embarking on a series of Broker events to educate and train our member brokers to approach Commercial Finance in a more holistic way. But we are not prepared to stop at just our members but to train and educate Brokers wherever possible within the Commercial Finance sector.
We have now emebarked on our 2008 Training programme with a recent Introduction to Asset Finance delivered by specialist trainers followed a week later by an Introduction to Commercial Finance Training. All these events are supported and sponsored by our Patrons, without whose help it would be difficult to provide financially.
We are looking for the next phase which is to complete the writing of a Introduction to Commercial Finance programme to be delivered by a professional Trainer that will tie in with the Certificate in Commercial Mortgages. This could form part of an Induction programme to Brokers new to Commercial Finance and be part of membership to the NACFB and be recognised by Lenders as a requirement before lending can be introduced.
This is the future for Commercial Finance Brokers and the NACFB is dedicated to following this route to ensure that we continue maintain our unregulated status, but act as professionally as those already under regulation.
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