FIBA – A trade body for the 21st century
The Financial Intermediary & Broker Association (FIBA), launched in January 2018 is part of The SimplyBiz Group and run as a not for profit organisation.
What does FIBA hope to accomplish that has not already been done before?
Firstly, we want to support the broker, lender and professional community engaged in specialist property finance, which includes development finance, short term/bridging finance, commercial mortgages, specialist BTL and second charge finance for business purposes.
Secondly, to provide our members and partners with unique and exclusive arrangements that they would not be able to achieve on their own – simply the benefits of a large network available to all at minimum cost.
Thirdly, we are representing and providing the voice of the specialist property finance industry by taking our members’ message to Westminster, HM Treasury, British Business Bank, UK Finance and the FCA.
Finally and equally important, we are raising standards within the industry and providing customers with the peace of mind that FIBA members are committed to placing customer needs at the centre of all they do.
Lender panel
Our lender panel is scrutinised on application to ensure that the highest standards of customer care and a commitment to transparency in communicating terms and conditions for loans, particularly in relation to charges, are met.
In support of our members’ business growth, we have a significant, but handpicked, lender panel representing the breadth of the real estate sectors, many of which are not generally available to broker firms without the provision of minimum volumes.
Professional partner panel
Too many brokers and lenders have found to their cost and that of their customers that using a legal firm or surveyor without direct knowledge of the commercial sector can, in many cases, lead to unnecessary delay, additional cost and ultimately failure to complete.
FIBA operates a Professional Partner Panel consisting of legal firms and surveyors, who have joined because they have the dedicated expertise in the commercial sector. Our panel of vetted professional firms is particularly popular with our Members.
PI scheme
In addition to the many exclusive benefits that FIBA Members can access, this now includes an exclusive, highly competitive Professional Indemnity Insurance scheme that has already proven to succeed in meeting the needs and requirements of brokers in a significantly cost-effective manner.
Lobbying
As a trade body, FIBA provides the voice of its members which is heard at the highest levels of government and other bodies. Executive chairman, Adam Tyler, has extensive contacts built up over many years and as the head of FIBA is committed to ensuring that it represents the views of its membership to influence, inform and offer advice on future potential legislation and support SME sector funding.
Compliance support
Members have the option to access a dedicated compliance support service on preferential terms, providing services that include an online compliance resource containing compliant advice documents, regulatory guidance, support for the business process and explanatory manuals detailing the background of relevant legislation. In addition, they will receive:
- Regular compliance updates on regulatory activity from the FCA, BoE and the Information Commission
- Unlimited access to a compliance help desk to assist with any regulatory queries, either over the phone or via email
- Onsite compliance visits/ file reviews/fit and proper checks/ training and competency services.
- Support for financial promotions and website compliance as well as complaints handling support.
- Extensive support for regulated firms affected by the Implementation of the Senior Managers and Certification Regime, which comes into effect on 9 December 2019.
Ultimately, FIBA provides the kind of services that individual firms, either involved in specialist property finance or new to the sector, cannot replicate. Namely, access to a world class lender panel, a strong voice in the corridors of power, an exclusive PI scheme, compliance support and a professional legal and surveying partner panel.
All of this backed by one of the UK’s most innovative and profitable financial services companies, The SimplyBiz Group.
Individual membership is just £20 per month, giving members access to the lender panel, the professional partners panel, website, regular news and high-level compliance updates, monthly magazine and the right to add their voice to the ongoing lobbying effort.
In addition, and where relevant, the PI scheme and compliance services are available should members wish to avail themselves.
The benefits of being a member are very clear and match or exceed the service offered elsewhere and all provided for a very small monthly fee. FIBA supports practitioners to help build a stronger, respected, independent advice sector and through doing so improve customer access to specialist property finance.
One FIBA broker member benefit is FREE access to the digital version of Business Money magazine. If you’re not already signed up, please do so here.
