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: “We all know the Financial Conduct Authority has taken over regulation of consumer credit from the Office of Fair Trading (OFT).
“We are now moving into this transition period where brokers’ interim permission needs to move through the full application process so they can continue carrying out consumer credit activities.
“It is important that we help our members to comply with the new FCA regulations and we will also take NACFB brokers through the first anniversary audit.”
The audit for each member of NACFB Compliance Services will be sponsored by Shawbrook Bank, Investec, Aldermore and Close Brothers Asset Finance.
The NACFB continued: “Not only will this initiative help our members with Consumer Credit Act regulation, we will also help them prepare for any subsequent requirements that may be required from Commercial Finance Brokers in the future.
“The system that has been built specifically and uniquely for the NACFB by Simply Biz and Compliance First, who have a management team with a combination of 109 years experience in the industry.
“The next steps are going to be a series of Workshops through July and August. We need to do this early as the first members to go for full authorisation will be in Quarter 4 this year.
“We want 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.”
The first presentation of the new software at the NACFB Commercial Finance Expo on 25 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.
