The inaugural AFB Annual Dinner was attended by more than 200 representatives across the secured loan broking industry and they heard AFB’s Chairman, the Rt Hon John Gummer MP, Sir Christopher Kelly, Chairman of the Financial Ombudsman Service (FOS) and AFB’s director, Robert Sinclair, discuss some of the key issues affecting the secured loan broking industry. Sir Christopher Kelly also applauded the work of the Association in raising standards across the industry.
Commenting Robert Sinclair, director of the AFB, said: “We were delighted that the chairman of the FOS agreed to speak at our inaugural dinner. It was an excellent opportunity for the Ombudsman Service to exchange views with members of the industry.
“Brokers, lenders and consumers must work together for the benefit of the industry as a whole. I am pleased that the AFB is now firmly established as the voice of the secured loan broking industry. It is fully recognised by the Department for Trade and Industry, the Financial Services Authority, The Office of Fair Trading and even the Finance Industry Standards Association. This is an exciting time for the industry and we look forward to helping ensure it has a successful future.”
Sir Christopher Kelly, chairman of the FOS, sought to dispel some myths about the Service and the role it plays. Sir Christopher made the following points:
- Our role is not as a regulator;
- We are not a consumer champion, in only a third of cases do we adjudicate in favour of consumers;
- 94 per cent of decisions are resolved through mediation;
- The funding system is deemed unfair but this is set by Parliament.
In response John Gummer, AFB chairman, called for greater consumer responsibility: “How do we create a society where wrongs are righted but make sure that people accept responsibility for decisions they take. With the problems of consumer indebtedness and rising interest rates, newspapers often rush to blame all but those who took out the loan. Personal responsibility does not excuse misselling, or not explaining the full details but the first person that needs to be concerned is the consumer.
“Our industry is very important to society, it needs to work for the good of the UK. That is why we want to promote best practice, improve standards across the industry and increase qualifications across business.”
The event raised £1,955 for two children’s charities: the NSPCC in the UK and the Spafford Children’s Centre in Jerusalem.
