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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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Looking back and looking forward...
22nd November 2007
Business Money
November edition
Looking back, and looking forward...
November is always a busy month and this year has been no exception, however we have ensured that the Association has had representation in as many areas of commercial finance as possible during this month.
Whilst I was at the inaugural ABFA conference in Venice, other representatives from the Association were talking at an FLA Conference in Coventry as well as running a seminar theatre at the Mortgage Business Expo at Earls Court. The NACFB is really intent on serving our brokers in whatever sector they operate in, as well as ensuring that the lenders can have access to the Association as the representatives of the commercial finance broker.
But before I comment on the feedback I have received and the plans of the Association for the next year and beyond to ensure that the standards of professionalism within the broker community are enhanced, I would like to go back to the beginning of the month.
The Annual NACFB AGM, Conference and Gala Dinner was held at the Celtic Manor on the 9th and whilst the Award winners and the spectacular success of the event is now well known, it is the follow up comments that continue to dominate our thoughts and plans. I have received over 100 emails, comments and even letters through the post, not only commenting on the day’s events, but also wanting to help the Association continue to grow and influence the way brokers do business. I would say, without exception, the comments from lenders, press and brokers have all remarked on the increasing presence of the NACFB in a number of different arenas. It could be because of our sponsored events programme, training, press articles or membership growth, any one of these is having an influence.
The week following our Gala Dinner was the Mortgage Business Expo at Earls Court and for 2007 we have reclaimed back part of this event for the commercial finance industry. We had our own Commercial Zone and within this area, any of our Patrons could exhibit and we encouraged many of our brokers and non member brokers to attend. In addition we had our own seminar theatre with a full programme of speakers over the two days covering most aspects of commercial finance; we chaired these seminars, but invited our Patrons to provide speakers on various topics around commercial finance. I can only state that all seminars except the two early sessions were standing room only. We are going to repeat this at Manchester in May and have a larger area in London for 2008. In fact I have just completed a limited Commercial Seminar for the Belfast Expo in January.
As I stated at the beginning of this piece the NACFB is extending its Broker influence as far as possible, as further examples we have agreed Full membership for the first commercial finance broker in Jersey, and we have an application pending from a broker based in Germany dealing with ex pats for commercial finance in the UK.
We have achieved a lot in the last couple of years, but the message that I am receiving from the lenders has a familiar tone. In any of the events I have attended in the last month and the many hundreds of people I have spoken to, the request is the same. They would like to see the NACFB membership continue to grow and to encourage brokers who are transacting commercial finance to adhere to the Code of Practice. Indeed not only to grow, but with the right calibre of broker becoming members and in addition providing training and education to continue to raise standards in the broker industry.
Our stated aim for 2008 is to continue to grow the membership and to increase professionalism through training and education seminars around the country. These will cover ALL aspects of commercial finance; they will teach new brokers how to construct a deal using different and appropriate types of commercial finance. Ideally our members approach to a deal shouldn’t start and finish at a straight forward commercial mortgage (unless that really is the best course of action). The aim is to get brokers to consider whether other types of finance would be appropriate: is there any equipment involved? Is there a debt that needs to be financed? Does the business require a vehicle? This will involve a good working knowledge of commercial mortgages, leasing and asset finance, factoring and invoice discounting where appropriate and also vehicle finance.
Members don’t need to be experts in all these sectors, but they should be able to identify when other forms of finance may be appropriate. They will also need to know where they can source that finance and who to turn to for more advice; it could be another specialist member or a provider who is a Patron of the Association. However, what we do need is the support of the lenders in encouraging membership of the NACFB and providing specialist training where necessary at our seminars.
For those wishing to know more or requiring further comment contact Adam Tyler 01392 491551 or adam.tyler@nacfb.org.uk
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