Capital Bridging Finance Limited (CBFL) has introduced a video recording process for all its cases.
The London-based short-term funder, which last month announced it has submitted its application for regulated permissions, believes it is the first lender in the sector to adopt this practice.
Its managing director Keith Aldridge said: “After consultation with our distributors we are delighted that the initiative is being so well received. During the submission process for our regulated permissions it became evident that to video all our client meetings would be of significant benefit to all parties.
“Our training programme places great emphasis on the need for the business to be transparent at all times and this appeared an excellent way of evidencing this to all parties. Of course for it to be transparent the disclaimer that the client signs ahead of the meeting makes it very clear that the recording is available for their use if ever required.”
Rob Jupp, chairman of the Association of Bridging Professionals (AOBP), added: “The Association welcomes such initiatives. In recent years CBFL has been at the forefront of the short term funding sector and this highlights their commitment to helping the sector become more accountable and provides full disclosure for all parties. I am sure others will follow.”
Ray Cohen, compliance consultant at Jackson Cohen Associates, said: “Although not a requirement, by videoing the meeting Capital Bridging will be able to demonstrate that it has not breached the MMR rules as it will not have carried out an interactive sales process and no advice will have been given.
“Any information provided by the customer in the meeting with regard to the intended exit will also be able to be used towards the evidence of assessing its viability.”
