ABFA finalises Professional Standards Council membership
Following a public recruitment process, the Asset Based Finance Association has announced the full membership of the industry’s independent Professional Standards Council (PSC). The PSC, set up to oversee the asset based finance industry’s self-regulatory framework and completely independent from the ABFA, is chaired by Lucy Armstrong, chief executive of The Alchemists, with a further six members now joining her on the body.
The PSC’s prime role is to ensure that the self-regulatory framework is working effectively, however, it also makes additional recommendations to protect and enhance the reputation of the industry. It can impose a range of sanctions on the ABFA’s Members, ranging from warnings right up to expulsion. It can also demand Members change their procedures, documentation and practises, and it considers and approves applications for membership.
The new vice chair of the PSC is Lady Bloom CBE. Margaret Bloom is currently visiting professor at King’s College London and previously was director of competition enforcement at the Office of Fair Trading. Amongst her other roles, Margaret is also currently an independent director of the Lending Standards Board, and a trustee and deputy chair of the Money Advice Trust.
The other independent members of the body are:
Peter Cadman, a partner at Russell-Cooke Solicitors, lay member of the ACCA, and also chair of the FA Premier League Commissions
Paul Pagliari, HR professional and currently a lay member of both the Bar Standards Board and Employment Appeal Tribunal
The asset based finance industry is represented on the PSC by:
Martin Cooper, finance director at Lloyds Bank Commercial Finance
Tracy Ewen, managing director of the IGF (Independent Growth Finance) group of companies
Martin Morrin, managing director of RBS Invoice Finance and currently chair of the ABFA
Lucy Armstrong, chair of the PSC, commented on the announcement: “I am very pleased that Margaret, Peter and Paul have agreed to serve on the PSC. They bring a wealth of expertise and experience gained from the legal and regulatory worlds which is only going to benefit the asset based finance industry.
“It is also great to welcome Tracy, Martin and Martin. They are extremely well-respected in the industry and their insight is going to be invaluable for the PSC. I know that all the members of the PSC look forward to playing their part in supporting the further development of the asset based finance industry, allowing ABFA Members to support even more businesses in future.”
