No more interference
By Norman Chambers, managing director at the NACFB
Another very busy month here at the NACFB has seen the executive team and I supporting commercial finance brokers and the industry across the length and breadth of the UK.
Following our Broker Days in London and Manchester, one thing that emerged was the need for us to communicate more clearly all of the things your trade association is doing on your behalf to ‘make your boat go faster’. As such, I’ve outlined below five of the key items we’ve been working on in the last few weeks.
Strengthening NACFB broker PI cover
PI cover for IFAs, mortgage and commercial finance brokers routinely excludes claims brought by lenders – the reason being that any losses sustained by lenders should be at their own risk and they should mitigate this through their own proper due diligence with potential customers.
The NACFB PI policy included a similar exclusion, however, we have now negotiated enhanced cover from which all Members will benefit as they fall due for renewal through 2018. In essence, the NACFB PI policy will now cover claims brought by lenders if the loss suffered by the lender was caused by the advice given by the commercial finance broker to the client.
There remains no cap on how much a compensation claim can be in the UK. This means any claim against a broker could be hundreds of thousands, even millions of pounds. Our block PI cover can protect you against claims for compensation for financial loss suffered by your customers. Even if a court case is unsuccessful, the policy covers you simply for the cost of defending yourself.
Launching the Commercial Finance Expo 2018 mobile app
With just 61 days until this year’s NACFB Commercial Finance Expo, the Association has launched a free app for all attending delegates. The app features the full agenda, list of keynote speakers and workshops, and enables delegates to book one-to-one conversations with any number of lender exhibitors. You can download the app by searching for CFE 2018 in your app store.
Announcing the NACFB Morning Briefing
The NACFB now provides all Members and Patrons with a daily round-up of news relevant to your business and the wider commercial finance community. The free daily summary is delivered to your email inbox first thing every weekday and is an excellent way of keeping abreast of developments throughout the sector. The free round-up is available exclusively to NACFB Members and Patrons – you can opt into the daily distribution by emailing Kieran at email@example.com
Supporting asset finance brokers with third-party invoicing
Some of our Members, as well as vehicle finance lenders, have informed the NACFB that some dealerships are refusing to issue invoices for vehicles unless the customer uses either their in-house finance, captive finance, or another lender who has been specifically approved by the dealership. While our dialogue with the Competition and Markets Authority and FCA remains open, the NACFB has also produced a bespoke communication for brokers to submit to dealerships alongside existing TOBAs. The letter can be found in the model office via the NACFB Compliance portal under the ‘sales procedures’ category.
Updating document templates for all NACFB Members
Our new terms of business document template for NACFB Members is now live and ready to use. The document has been updated in-line with the latest GDPR requirements and can be downloaded today. Head over to your subscriber area on the Compliance website and download it today to ensure your form is fully compliant ahead of the 25th May GDPR deadline.
Once again, I encourage all NACFB Members to make the most of their membership. If you would like more information on how you can access all the benefits that come with NACFB membership, please don’t hesitate to call our office on 020 7101 0359.
I look forward to seeing you soon.