About Mike Geddes

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So far Mike Geddes has created 67 entries.

Can Asset-Based Finance Help UK Businesses Stay Afloat?

Cash flow is the life blood of all businesses and even more so for new starts and smaller companies. So in a market where banks are very cautious how can firms preserve cash or indeed gain a cash injection ? Asset Based lending may well be the answer.

The UK government announced on the 6th […]

By |August 15th, 2014|General Finance|Comments Off on Can Asset-Based Finance Help UK Businesses Stay Afloat?

What Our Customer’s Want

At a recent conference we were asked what a customer should expect when they enter into a relationship with Asset Finance Solutions – the stock answer is: “The best service in the industry, experienced people providing expert knowledge and the right solutions in a timely manner”, but it got us thinking – what do […]

By |August 1st, 2014|Uncategorized|Comments Off on What Our Customer’s Want

The Consumer Credit industry has to improve.

The Financial Conduct Authority sent out a stark message to the consumer credit market on Friday that the sector has to improve its practices and raise standards.

Speaking at the FCA’s inaugural annual meeting in London, chief executive Martin Wheatley said that the sector had to improve standards.

“We want to see continual improvement in standards not just in lending […]

By |July 19th, 2014|Asset Finance Solutions' Stories, General Finance|Comments Off on The Consumer Credit industry has to improve.

Asset Finance Solutions Discuss Regulation with the Finance and Leasing Association

Today Nick Simpson (Managing Director) and Mike Geddes (Commercial Director) of Asset Finance Solutions presented to the Finance and Leasing Association at their offices in London regarding AFS’s regulation “Journey”.

It was significant recognition from our perspective that the industries leading trade body asked us to share our experience of regulation and explain the measures we have taken to meet the […]

By |July 17th, 2014|Asset Finance Solutions' Stories|Comments Off on Asset Finance Solutions Discuss Regulation with the Finance and Leasing Association

Consequences of Breaches

Consequences of breaching the principles

The following examples are taken from the FCA’s principles for business document, and help to illustrate how the FCA would assess the application of the principles for business within an organisation.

Breaching a principle makes a firm liable to disciplinary sanctions. In determining whether a principle has been breached, it is […]

By |July 11th, 2014|Uncategorized|Comments Off on Consequences of Breaches

Assessinng TCF

Assessing and implementing T&C

To help in the development of training and competence best practice, we have developed a set of Standards to guide you.

They include

Policy and governance

Achieving and maintaining competence

  Policy and governance Aim To define how the business sets out its training and competence regime and how it is demonstrated.

 

Outcome you should demonstrate Training Unit

Regulatory competence requirements Understanding the outcomes […]

By |July 11th, 2014|Other Stories|Comments Off on Assessinng TCF

Training & Competence

 There are two sections in the training and competence sourcebook within the Financial Conduct Authority (FCA) handbook. The first section (TC1) contains the commitments, which state that it is a firm’s responsibility to ensure that individuals

1. Are (and remain) competent for the work they do

2. Are appropriately supervised

3. Have their competence regularly reviewed

4. Have a […]

By |July 11th, 2014|Asset Finance Solutions' Stories|Comments Off on Training & Competence

Evidence of Compliance

The key measures considered by the FCA when assessing whether the principles for business have been fully implemented are

Treating customers fairly (TCF) Training and competence (T&C)

  The next step How treating customers fairly22 works in practice.

By |July 11th, 2014|Uncategorized|Comments Off on Evidence of Compliance

FCA’s 11 Principles for business

What is principles based regulation?

The principles for business are based on the four statuatory objectives set out by the FCA

Maintaining confidence in the financial system Promoting public understanding of the financial system Securing the appropriate degree of protection for consumers Reducing the extent to which it is possible for a business to be used for a purpose […]

By |July 11th, 2014|Uncategorized|Comments Off on FCA’s 11 Principles for business

TCF – The 6 Customer Outcomes

The six TCF outcomes The six consumer outcomes explain what the FCA  want TCF to achieve for consumers.

Fair consumer outcomes remain core to what the FCA expect of firms, the FCA will measure a businesses ability to provide consumers with the outcomes below, businesses that can’t evidence these will be subject to supervisions and potential sanctions:

Outcome 1: Consumers can […]

By |July 11th, 2014|Uncategorized|Comments Off on TCF – The 6 Customer Outcomes