The NACFB is on the move

By Norman Chambers, managing director at the NACFB

Following on from your feedback, I am keen to continue to relay and communicate more clearly all the things we are doing on your behalf to make your boat go faster. So I’m using this platform to outline some of the key items that the team and I have been working hard on recently and will be heading into in the coming weeks.

Commercial Finance Expo – A very big thank you!
Thank you to all those brokers, lenders and exhibitors who made our 2018 Expo the largest event the NACFB has ever staged. We had 136 exhibitors under one roof – more than ever before – and our targets for registration were far surpassed at over 1,800. Again, more than any other previous year. This year’s event was a real testament to the strength of the commercial finance community – a community we are proud to be at the forefront of. Keep an eye on July’s NACFB Magazine and on the Expo website for a full review of the day with photos and videos.

NACFB expands into new offices
The NACFB office is on the move after seven years at Hamilton House. On Tuesday 26th June we are moving to 33 Eastcheap, London, EC3M 1DT. NACFB CEO Graham Toy has shared more information about the relocation and the thinking behind it online here. Our telephone number will remain the same and the team will endeavour to deal with any enquiries seamlessly throughout the move. Please do bear with us on the day of the move because there will be a period when we will not have access to emails or phones. Thank you in advance for your accommodation and support.

NACFB supports AABF in bid to tackle the fraudulent practice of ‘loan stacking’
The NACFB is supporting the Association of Alternative Business Finance (AABF) to promote LendSmart. LendSmart is a joint venture between Logical Glue and AABF to create a database of personal guarantees, for the first time enabling lenders to have an insight into the contingent liabilities of prospective borrowers’ guarantors, with a view to help tackle what has become known as the ‘stacking’ issue. Stacking is where a borrower – typically a small business – has secured a loan that is already in effect but goes to different lenders and seeks to source additional finance. Many lenders have protocols in place to help them determine whether borrowers can afford their loans and are not over-committing themselves and their guarantors. The level of contingent liabilities, such as personal guarantees, however, are more difficult to ascertain for many lenders. If you didn’t get a chance to speak with the AABF at this year’s Expo, you can visit http://www.aabf.co.uk to find out more.

GDPR one month on
With the new data protection regime just over a month old, complaints have already been filed against some of tech’s biggest names, while some international publishers have even cut off EU ads and users altogether. NACFB Members are well prepared, with the NACFB Compliance GDPR broker guide approaching 1,000 downloads. The guide sets out definitions and requirements that will impact on the client/broker/lender relationship. The downloadable guide, which should be used for reference only, includes a schematic of a typical commercial finance deal with the aim of encouraging uniformity in the industry and providing clarity around the responsibilities of both brokers and lenders. Find out more and download the guide here.

Wake up with the NACFB Morning Briefing
We have had over three full months of NACFB Morning Briefing – thank you to those who have made use of it so far. We will continue to provide this news round-up as a benefit of membership exclusively to NACFB Members and Patrons. If you want your colleagues to opt in for the daily distribution you can do so by emailing Kieran at kieran.jones@nacfb.org.uk – and if you are an NACFB Patron seeking to share your latest news and updates through the service you can use the same address.

I encourage all NACFB Members to get the most from 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.

Thank you for your continued support.