The NACFB has today launched NACFB Compliance Services to its 1200 member brokers.
The aim of this service is to take our members through the FCA 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 to members is being offered below the normal cost and will include a full application assistance package. The new service will begin with the hosting of multiple seminars, which are free for all NACFB members to attend.
The NACFB said it is important that its helps its members to comply with the new FCA regulations; it 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 its patrons who are supporting this initiative. They are Shawbrook Bank, Investec, Aldermore and Close Brothers Asset Finance.
The system that has been built specifically for the NACFB by Simply Biz and Compliance First.
The next steps are going to be a series of workshops through July and August. The NACFB says it needs to do this early as the first members to go for full authorisation will be in Quarter 4 this year. It wants every single NACFB member to go on a Compliance Workshop, and 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 your Interim Permission period, and what brokers need to be doing now to prepare in plenty of time for your FCA application.
Members can sign up for these workshops now at the NACFB website.
The NACFB will be providing the first presentation of the new software at the NACFB Commercial Finance Expo on 25th June, and brokers will also have the opportunity to meet and discuss with the 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.