November’s NACFB AGM was my first as CEO and in it we put forward proposals to help navigate the NACFB in what I firmly believe is a passage that will steer the ship safely and enabling us to face choppy waters with confidence and agility. You should by now be aware that all of the proposed resolutions were passed by a significant majority, but I am enthusiastic to further outline why these positive changes were brought in, to be absolutely transparent before our Members and Patrons and walk through the changes you will start to see.
You can view the 2017 AGM Minutes here, in order to get an understanding of the debates that were had on the day.
2017 was a year of change and to recognise such change the NACFB team underwent strategy sessions to discuss in depth structural matters that provide the very foundation of this organisation. Many of those matters fed into the heart of the resolutions that were proposed at last year’s AGM.
From these sessions we developed a clear and focused Vision and Mission Statements. You may have already seen these trailed and spoken of at NACFB events already, but it is the motives and thinking behind these that will underpin everything that we as an Association aim to deliver in the future. I outline both our Vision and Mission statements below:
Our NACFB Vision
Our NACFB Mission
At the heart of our thinking are three core principles. The first of which is to foster professional expertise further enabling the NACFB to remain both a kite mark and hall mark for quality and professionalism. Secondly, we want to uphold the highest industry and regulatory standards. This is not about reluctantly adopting the regulations but understanding why they are required, and considering the benefits of making sure your business is fit for purpose. Finally, we want to help your business prosper – this is your Association and everything we do should be for your benefit.
Your Membership benefits
The next piece of work the NACFB team and I undertook was to make sure we all had a clear focus on how we add value. There is little point in having a carefully crafted vision and mission without having a clear handle on exactly what we do to deliver value to you the members.
From this we developed our USP’s and we hope that you will agree that these are at the very heart of what we do to enable your business to prosper:
I hope that you will agree that this is a comprehensive range of activities designed to help you run your business and I am keen to ensure that these benefits are clearly communicated to both existing and new NACFB Members. You can learn more about these here.
Streamlining your NACFB Membership
We wanted all NACFB Members to be able to benefit from full access to MyNACFB, full support from NACFB Compliance in addition to NACFB Membership. To this end we have amalgamated the three types of subscription that we offer. Instead of subscribing to NACFB Compliance Services Ltd, paying for MyNACFB and paying the membership fee, all Members will now receive all these benefits under a single membership fee.
This revised subscription for Members is now £60 per month (£720 per annum). There is no increase for Registered Individuals (RI’s) and their membership will remain at £210 per annum. This revised model of membership is VAT exempt and can be paid by direct debit either monthly or annually, streamlining your payment process. This new Membership fee will remain frozen for all Members throughout 2019.
Complete Compliance Support
As part of this new Membership model, NACFB Compliance support is available to all NACFB Members from January 1st 2018.
We pride ourselves on our understanding of the commercial finance industry and aim to provide our Members with the very best support in this ever-evolving regulatory environment. NACFB Compliance will provide you and your Brokerage with the guidance and support necessary for staying fully compliant with both regulatory requirements and the NACFB Minimum Standards.
We have also significantly reduced the pricing of our workshops. This actions some of the feedback we received from last year’s GDPR workshops which we are now running at only £50 +VAT. This pricing is calculated at enough to cover our costs only.
You can learn more about NACFB Compliance via our sister site nacfbcompliance.co.uk including more on the benefits of using our bespoke support team.
2018 and beyond
I do hope you now have a clearer understanding not only of the changes that are taking place, but crucially why they are being made. This is a Member-driven Association and together we are striving to become the professional association of choice for all commercial finance brokers and lenders.
The ship is in good order, we are on a clearly defined course, and although it may not always be plain sailing, I hope I can rely on your support to partner with us to help foster greater professional expertise whilst embracing the highest industry and regulatory standards allowing your business to prosper.