NACFB to launch new Compliance Services facility at Commercial Finance Expo on June 25

Tyler added: “We all know the Financial Conduct Authority has taken over regulation of consumer credit from the Office of Fair Trading (OFT). We are now moving into this transition period where brokers’ interim permission needs to move through the full application process so they can continue carrying out consumer credit activities.  

“It is important that we help our members to comply with the new FCA regulations and we will also take NACFB brokers through the first anniversary audit. The audit for each member of NACFB Compliance Services will be sponsored by four of our Patrons who are supporting this initiative. They are Shawbrook Bank, Investec, Aldermore and Close Brothers Asset Finance.”  

Not only is this initiative designed to help broker members with Consumer Credit Act regulation, it will also help them prepare for any subsequent requirements that may be required from Commercial Finance Brokers in the future.   The system that has been built specifically and uniquely for the NACFB by Simply Biz and Compliance First, which have a management team with a combination of 109 years experience in the industry.  

The next steps are going to be a series of Workshops through July and August.

Tyler stressed: “We need to do this early as the first members to go for full authorisation will be in Q4 this year. We want every single NACFB member to go on a Compliance Workshop, and they are free of charge because they are being sponsored by the four lenders listed above.”                          

The workshops will give commercial finance brokers clarification on what they should be doing now to ensure that they do not breach any FCA rules during the Interim Permission period, and what brokers need to be doing now to prepare in plenty of time for their FCA application.   Members can sign up for these workshops now at:  www.nacfb.org/events.

Non members can also attend the workshops but they must sign up for NACFB to get the package (software and subsidised registration process).   The association will be providing the first presentation of the new software at the NACFB Commercial Finance Expo on June 25, and brokers will also have the opportunity to meet and discuss with the experts to get a better understanding of what lies ahead.

This event is at Birmingham’s NEC and is open to all; NACFB Compliance Services will be on Stand A01 on the day.