NACFB holds its largest Expo to date

At the NACFB’s largest Commercial Finance Expo to date, the association announced that for the first time in seven years its brokers have exceeded the £1 billion mark in monthly SME lending.

Within the Annual Conference at the expo, Marcus Grimshaw, Chairman of the Association announced that NACFB brokers had exceeded £1 billion of monthly SME lending, with May this year being the first £1 billion month. It was also revealed that for the first time, the turnover of the NACFB broke the £1 million barrier.

The conference saw members discuss whether Consumer Credit Authorisations should be compulsory to being an NACFB member. A significant 96 per cent of NACFB brokers have registered for interim permissions.

When asked if brokers without CC permissions should still be allowed to be a member of the NACFB, only one person voted yes. A solution is set to be debated in November’s AGM with the possible concept of a two tier option mentioned.

One strong voice within the meeting came from compliance expert Suzanna Walker of Bridgebank Capital. She clarified that as the action of credit broking falls under the Consumer Credit Act it is a regulated activity, therefore attracting the relevant permissions to conduct that sort of business. Furthermore, she explained that even if the product being sold falls under the exemptions of the act, the activity of credit broking is still a regulated activity and therefore permissions to trade in that area should be gained.

The association also revealed that it currently has the highest level of patrons to recent memory, currently resting at 115.

According to the Chairman, 14 or 15 patron applications were rejected as the association felt the applicants were just not ready.

The show had 102 exhibitors, and required an extension to be made to house all of the stands.

[Bridging & Commercial]