Best contribution to AFC Christmas Debate celebrates winnings

The Asset Finance Connect (AFC) Christmas Debate, hosted in partnership with NETSOL Technologies, offered a spirited discussion on a contentious industry topic: “This house believes that nothing good will come out of the decision to make intermediaries into fiduciaries.”

Moderated by Jason Hurwitz, Sales Director – Europe for NETSOL Technologies, the event featured John Rees, Head of Equipment Finance Community at AFC, arguing for the motion, and David Betteley, Head of Content at AFC, opposing it. The debate explored the implications of a recent Court of Appeal judgment that imposed fiduciary duties on intermediaries, sparking thought-provoking insights from participants and the audience alike.

The audience’s engagement was a highlight, with questions and comments contributing depth to the debate. Among these, Alyson Page, a newcomer to the finance industry with a rich background in healthcare, posed a question that resonated deeply with attendees. Her contribution, which drew parallels between fiduciary duties in healthcare and finance, earned her a bottle of champagne for the best question of the event.

A unique perspective from healthcare

Alyson’s question stemmed from her decades of experience as a mental health nurse and healthcare administrator. She highlighted the complexities inherent in fiduciary duties, using the medical field as a point of comparison.

“In healthcare, professionals grapple with the challenging task of making decisions in the best interests of patients, particularly when those patients may lack the capacity to fully understand the advice given,” Alyson explained. “This complexity is mirrored in finance, where transparency doesn’t always guarantee comprehension, especially for less sophisticated clients.”

Her question delved into whether the finance industry could establish a clear definition of a “sophisticated customer” and whether imposing fiduciary duties might create a false sense of security. Alyson emphasised the difficulty of assessing a client’s understanding based on limited information, drawing on her healthcare experience where such judgments often require input from panels of experts.

Relevance to the debate

John Rees, arguing for the motion, acknowledged Alyson’s insightful contribution, stating, “Understanding the dilemmas that doctors face exercising their fiduciary duties makes me more convinced that finance intermediaries are nowhere close to being fiduciaries.”

Alyson’s comments underscored the parallels and challenges of fiduciary responsibilities across industries, highlighting the difficulty of balancing transparency with client comprehension.

A new chapter in finance

Alyson Page’s participation in the AFC Christmas Debate marked a milestone in her new career in the finance industry. After 30 years in mental health services, Alyson transitioned into finance broking, inspired by her experiences managing mental health hospitals and exploring their financial models.

Currently, she is partway through a Finance Broker Academy Course with Asset Finance Solutions, while also working part-time with a commercial finance broker. Alyson has brought her healthcare values and skills to this new field, with a particular focus on using finance to improve quality of life.

One of her projects involves sourcing funding for litigation, exploring commercial finance solutions for cases where non-recourse funding is unavailable. This innovative approach underscores her commitment to leveraging finance for positive societal impact.

A memorable contribution

Alyson’s question not only enriched the debate but also showcased the value of diverse perspectives in addressing complex industry challenges. Her contribution, bridging the fields of healthcare and finance, served as a reminder of the multifaceted nature of fiduciary responsibilities and the importance of cross-disciplinary insights in shaping industry practices.