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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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Training for success
11th February 2008
Niche Commercial
March edition
Training for success
Following from last year’s successful events programme, the National Association of Commercial Finance Brokers has embarked on an ambitious plan to offer much-needed training to not just its own members, but any new entrant to the commercial finance broking business. Adam Tyler, Chief Executive, explains.
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. Whether these conversations were held at formal meetings, social events or industry gatherings, there was always one theme which ran through all of them: broker training and how could the Association help in producing a better commercial finance broker.
It has long been recognised that an NACFB Broker is going to be a professional and have a professional approach to business, simply because of the Code of Practice they adhere to and the standards they need to uphold. Because of this some lenders choose to treat them differently from non-members. But despite this, since the beginning of my tenure here at the NACFB, I have asked the question: “Is this enough for our members or the commercial finance industry as a whole?” The conversations I have had with Patrons and trade bodies have perhaps gone some way to answering this – and the answer is that there is still work which needs to be done.
So, taking the views of the industry as a starting point, we have now begun to address these issues and provide training for our members. In addition we are looking to broaden the reach of our training, to include all brokers dealing with commercial finance, and specifically those looking to enter this market for the first time.
So, where do we begin? As with all things, the training needed to start with the basics. Not only that, but I felt that it was important to recognise the fact that commercial finance does not start and end with commercial mortgages and up until this point there hadn’t been enough recognition of that. Of course, if the different aspects of commercial finance need to be recognised, it is also important to teach broker in how to deal with them.
The different aspects of commercial finance I refer to are, of course:
- 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 in all of these sectors it’s also important to recognise the status of lending that the customer requires.
There has been a swathe of anecdotal evidence in recent months about an unfortunate trend for brokers to provide a commercial mortgage to cover all aspects of commercial funding. In response we are embarking on a series of broker events with the ultimate aim to educate and train our members to approach commercial finance in a more holistic way. A broker should be aware that there are other funding options available – perhaps leasing, factoring or bridging finance - which might be more appropriate for the client. But the programme isn’t aimed at just our members; we hope to be able to train and educate commercial finance brokers wherever possible within the sector.
The Association’s 2008 Training programme is now underway with the first fully subscribed session, an Introduction to Asset Finance, delivered by a specialist training company back at the beginning of February. I would like to take this opportunity to thank our supporting Patrons for their involvement, as all of the Association’s events are sponsored by our Patrons and without their help we would be unable to offer the full calendar of events that we do.
Our focus is now on the next phase of the development of this programme, which is to complete the writing of an ‘Introduction to Commercial Finance’ programme to be delivered by a professional training company. The aim is that this course will operate as ‘stand alone’ training but also it will tie in with the Certificate in Commercial Mortgages (CeCM) qualification offered by the ifs School of Finance. Ultimately, this ‘Introduction’ could form part of an induction programme to brokers new to commercial finance and form part of membership to the NACFB and be recognised by lenders as a requirement before lending can be introduced.
This is the future for the commercial finance broking industry 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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