Wednesday 25th June saw AFS exhibiting at the NACFB EXPO for the 5th year. Another great show and an opportunity to catch up with ex-colleagues, but also meet some potential new ones.

It was an incredibly busy day for us, with arguably more people than we have experienced in the previous 5 years, our visitors this year wanted to discuss a multitude of issues from compliance to funding lines. What is very evident is that many people are now focussing on the requirements of the FCA and how it will impact their business.  It was good to be able to share some of our experiences and very rewarding to gain a great deal of positive feedback from fellow brokers and funders alike about the significant strides we have made as a business on our compliance journey.

Many of the discussions will continue after the show and hopefully we will soon be able to announce some new members to our network.

BVRLA / FCA Compliance Seminar 

Thursday 26th June saw AFS visiting the BVRLA / FCA Compliance Seminar in Manchester. The seminar was hosted by the BVRLA for it’s members with a view to helping them understand more about what the FCA are looking for, with guest speakers Francisco Esteves from the FCA,  Claire Wilkinson from Compliancy Services and Stephen Atkins from Consumer Credit Advisory Services.

All the speakers were very  interesting and gave several views on what Compliance under the new regime actually means. Mr Esteves gave an insight into what the FCA expect from the businesses that it will be regulating and all the views completely justified the investment we have made into establishing and developing our compliance regime.

A couple of very interesting discussions centred around treating customers fairly and the recommendation of suitable products for customers:

A Leasing Broker asked if as part of his fact finding with the customer he found that the most suitable product for the customer wasn’t a product he had in his portfolio, was he OK to recommend a product he did have ?

The response from the panel was that he should actually be telling the customer that there were more suitable products in the market, if the customer decided he still wanted to deal with the broker, even though he didn’t have a particular product, then the customer should sign to that affect to ensure the Broker was complying with the principles of  Treating Customers Fairly.

Another benefit of having access to a full range of industry products, but just an indication of the impact the new regime could have on us all.