Designed to provide secured loan advisers with a representative body through which they can voice their opinions, the AFB will become part of the Association of Independent Financial Advisers (AIFA) and will be a sister trade body to the Association of Mortgage Intermediaries (AMI).
Plans for the organisation were made public several months ago, when AMI and the Corporation of Finance Brokers’ (CFB), decided to form a strategic alliance.
Announcing the launch, Chris Cummings, director-general of the AFB, said: “We are delighted to welcome secured loan brokers to the AIFA and AMI family. As members of AFB, brokers will benefit from a higher profile and greater opportunities to influence the future of second charge lending that their association with AIFA and AMI, will bring. We will lobby politicians, regulators and policy makers in the UK and Europe on AFB members’ behalf, and we will seek to improve the business climate in which brokers operate and help secure proportionate regulation”.
By joining forces with AMI, AFB will benefit from sharing the existing infrastructure, including dedicated policy experts, help desk support, regular industry updates and networking opportunities with industry regulators.
Equally, with around 44 per cent of mortgage intermediaries offering secured loan advice, existing and new AMI members will be able to benefit from AFB advice if they want to expand into the secured loans market.
Andrew Moody, managing director for Loanoptions.co.uk, welcomed the launch of the AFB. He commented: “Any organisation in place to protect the intermediary and take their issues forward is a good thing. A lot of mortgage brokers are now offering secured loans, so the industry needs someone to serve their needs. It’s early days but a step in the right direction and gives the industry a higher profile.”
