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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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Article - NACFB Update
1st October 2007
Business Money
October edition
It has been a very busy couple of months for the Association. September saw the last couple of Regional Workshops for the Year; the impact of the Hurstanger case continues to send ripples through the commercial finance industry; and the AGM and Gala Dinner are only a matter of weeks away. Adam Tyler, CEO gives a rundown of the news from the NACFB.
This is the latest update on the recent activities from within the Association. As with previous months, it is really difficult to condense to a single page but I’ll do my best to make sure that all the key points are covered.
Regional Workshops
The venues for the last two Regional Workshops for 2007 were: City of Manchester Stadium on the 13th September, and HMS Belfast, London on the 19th September. Both these events were very well attended – although on HMS Belfast the venue itself proved somewhat of a distraction! The Association provided a range of guest speakers for each day and received great feedback from everyone who attended. We are currently in the planning stages for NACFB Events for 2008: there will be Networking Days, Regional Workshops and Training Days, with the emphasis on training and education. The events have been such a huge part of the NACFB’s work during 2007, and the feedback has been so positive, we are determined to offer more and better next year. Dates will be published later in the year when we have been able to confirm speaker availability. If you are interested in finding out more details, email events@nacfb.org.uk or call 01392 491551 to register for next year.
Compliance Forum
The last meeting of the year took place on September 18th and was kindly hosted by bridging company Cheval at their London offices. There was full attendance from the ten lenders invited and good representation from our members. We had a full and lively debate - Northern Rock had just hit the headlines - but ultimately the business of the day turned to the much-reported Hurstanger case and commission disclosure.
We have been following this case with great interest on our members’ behalf. I can report that the House of Lords have refused to give leave to appeal, so the judgement from the Court of Appeal stands. During the Regional Workshops, Compliance Forum and also at a further meeting of smaller niche lenders, we have raised the subject of disclosure to gain feedback from everyone in the commission chain before the Association puts any policy in place.
We are still in a consultative period. Preliminary advice has been given and pending the Board’s considered response following this period, members whose practice is not to disclose lenders’ commission have been advised to seek their own legal advice as to how they should proceed.
If you wish to make a contribution to the consultation, please put your points in writing to Adam Tyler at the NACFB head office, 17 Gandy Street, Exeter EX4 3LS.
Member Survey
Thank you to all members who took the time to complete the NACFB member survey this year. The Association enjoyed probably the greatest number of return s it has ever received. Members are writing more business year on year – there was a 46% increase on last year from £13.3bn to 19bn this year. But the real prize has to go to the vehicle finance division of the Association, which saw business increase a staggering 339%. This is due partly to more vehicle finance brokers joining the Association, but also to members diversifying the kind of business they will consider writing. There does seem to be a very gentle move away from broker specialisms, towards a more holistic approach to client funding. With more NACFB events looking at encouraging brokers to use more and different funders, it’s good to see members broadening their horizons. More choice can only be good for brokers and their clients.
AGM & Gala Dinner
We are delighted to have secured comedy legend Mr. Ronnie Corbett to be the Guest Speaker at the 2007 Gala Dinner. Spaces are selling out fast – so if you haven’t booked a place yet please contact the Exeter office to do so. The afternoon Conference will take a different form this year to allow members to have their say and talk about the issues that are important to our industry and the way brokers do business.
And finally, closer to home we have a new member of staff in Exeter, Samantha Smith, who has joined us as a Junior Administrator and we really don’t know how we coped before she started! Her first task has been compiling the data for the 2008 NACFB Yearbook which will be distributed at the end of this year – along with a 2008 year planner with details of the events programme for 2008. The last twelve months have disappeared so rapidly, it’s hard to believe it’s AGM time again, and the plans for 2008 are being put together. Onwards and upwards…
Adam Tyler CEO
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