The industry is open for business

In a week of seismic change, the asset finance industry has shown its true strength. Mike Randall, CEO of Simply Asset Finance, shares his thoughts on how brokers and lenders united with laser-focused dedication to keep businesses moving forward. From facilitating asset purchases to supporting growth, adaptability was key in ensuring seamless service—even as the rulebook changed overnight.

When something unexpected happens, it often reveals the true values that underpin an industry. Over the past week, this has never been clearer.  As an industry built on the enablement of actions – facilitating asset purchases, funding business investments, and launching new product lines – the collective commitment to overcome the challenge that has been presented before us is truly inspiring.

With a laser focus on the customer, we’ve seen brokers and lenders working hand-in-hand to ensure that disruption to their clients remains minimal. This unified effort demonstrates not only resilience but also an unwavering dedication to client service, something we stand for at our core at Simply. There’s no doubt, however, that the recent shift has tested our resolve. Overnight, we saw the rulebook fundamentally altered, posing immediate operational challenges to businesses across the country. Yet, the industry’s response was a testament to its strength and adaptability.

As a business that has weathered the highs and lows of the past few years, we have become accustomed to facing challenges head on. And at Simply, our aim has always been to make sure that we are there for our brokers and customers, come rain or shine. This mindset is more than just rhetoric; we believe it encapsulates the culture of building for change, prepared to pivot quickly when needed. In this case when the FCA’s ruling was announced just over a week ago on Friday, by the following Monday, our teams had adjusted our operations to comply, ensuring seamless continuation of our services.

This rapid response highlights an essential truth: adaptability is not just an asset—it’s a necessity. The asset finance industry, with its pivotal role in fueling economic growth, has once again shown true resilience and commitment. It is crucial that we always look for better ways to partner with our brokers and enhance value to customers. This situation is another opportunity to do just that.

Being a lender which partners with brokers across the country, we understand this is a seismic shift. While some processes may need to be adapted, the commitment remains unchanged: supporting brokers to get the right funding to their customers and empower their growth. This week’s collaborative achievements underscore that commitment, and we remain open for business; ensuring that customer needs are met with agility and purpose, no matter the challenge.