As part of the alliance, the CFB will take the new title of Association of Finance Brokers (AFB), becoming a sister trade body to AMI.
CFB members will be given the opportunity to influence the future of second charge lending in addition to benefiting from an increased profile as part of its AMI alliance. Dedicated policy experts, help desk support, industry updates and networking opportunities with the regulator are further benefits.
Chris Cummings, director-general of AMI, said research by the trade body had shown the importance of forming an alliance and taking a further interest in the secured loan sector. Its research revealed 44 per cent of AMI members provide a secured loan advice service, with this predicted to grow to 66 per cent within the next 12 months. It also showed over 60 per cent of members would look for support from AMI in understanding regulation of the secured loan market, with 70 per cent calling for regulation of the secured loan market.
Cummings said: “Given these statistics, it is natural that AMI should extend its service to members by lobbying for their interests in the secured loan market. By working with the CFB, and setting up its successor, the AFB, we can help existing members as well as providing regulatory and trade body support for secured loan advisers too.”
Bob Sturges, director of communications at Money Partners, welcomed the alliance. “The timing is spot on as the Derpartment of Trade and Industry has published its timetable for the implementation of the credit act, which will have profound implications on the secured loan market.”
