NACFB Compliance Services launched today
The NACFB has launched NACFB Compliance Services to its 1,200 member brokers.
The aim of the service is to take members through the Financial Conduct Authority application and regulation process around the new Consumer Credit Act regulations.
Brokers will be called forward over the next two years to complete the application process with the FCA. The new service is being offered below the normal cost and will include a full application assistance package. It will begin with the hosting of multiple seminars which are free for all NACFB members to attend.
An NACFB spokesman said: “We all know the FCA has taken over regulation of consumer credit from the Office of Fair Trading. We are now moving into this transition period where brokers’ interim permission needs to move through the full application process so they can continue carrying out consumer credit activities.
“It is important that we help our members to comply with the new FCA regulations, and we will also take NACFB brokers through the first anniversary audit. The audit for each member of NACFB Compliance Services will be sponsored by four of our patrons who are supporting this initiative. They are Shawbrook Bank, Investec, Aldermore and Close Brothers Asset Finance.
“Not only will this initiative help our members with Consumer Credit Act regulation, it will also help them prepare for subsequent requirements in the future.”
The system has been built specifically and uniquely for the NACFB by Simply Biz and Compliance First, who have a management team with a combination of 109 years experience in the industry.
There will be a series of workshops through July and August, as the first members to go for full authorisation will be in Q4 this year. They are free of charge because they are being sponsored by the four lenders listed above.
These workshops will give commercial finance brokers clarification on what they should be doing now to ensure that they do not breach any FCA rules during the interim permission period, and to prepare in plenty of time for their FCA application.
Members can sign up for these workshops now at on our website.
Non-members can also attend the workshops, but they must sign up for the NACFB to get the package.
The first presentation of the new software will take place at the NACFB Commercial Finance Expo on 25 June, and brokers will also have the opportunity to meet and talk with experts to get a better understanding of what lies ahead. This event is at Birmingham’s NEC and is open to all; NACFB Compliance Services will be on Stand A01 on the day. Visit the NACFB website for more information.
