Boost for motor finance brokers
Published in Niche Magazine 04/2004
The National Association of Commercial Finance Brokers (NACFB) is to re launch its motor finance division in a move to clean up the image of the sector.
The project is being led by NACFB director, Stefan Erentraut, who will be supported by Nick Mohan of Perkins Slade and Martin Brown, managing director of Fleet Alliance.
' We want the division to be run for brokers by brokers,' said Brown. 'Its main focus will be to lobby the Government and the Financial Services Authority (FSA). 'We firmly believe that the development is a step in the right direction to clean up the image of motor finance.'
A code of practice has already been drafted by the NACFB. One of the main aims of the division is to establish a register of brokers who adhere to the code and the principals of the division to be used by funders. 'Brokers in the motor finance industry have faced negativity from motor manufacturers and large contract and leasing funders,' said Brown. 'The division will give them much needed credibility.'
Brown said that the division will be particularly useful for smaller brokers as it plans to offer a raft of support services, including software technology, back office and marketing support and legal advice and arbitration services.
Steve Wellings, a motor finance broker from Salisbury, welcomed the move towards self regulation of the industry. 'I will be very interested in what the division will offer motor finance brokers and its plans to lobby government.'
However, Graham Hill, managing director of Easy Vehicle Finance, warned that the direct regulation of motor finance brokers may one day be inevitable. 'The setting up of the division will solve a short term problem but eventually regulation of motor finance brokers is likely to occur.'
Published in Niche Magazine 04/2004
The National Association of Commercial Finance Brokers (NACFB) is to re launch its motor finance division in a move to clean up the image of the sector.
The project is being led by NACFB director, Stefan Erentraut, who will be supported by Nick Mohan of Perkins Slade and Martin Brown, managing director of Fleet Alliance.
' We want the division to be run for brokers by brokers,' said Brown. 'Its main focus will be to lobby the Government and the Financial Services Authority (FSA). 'We firmly believe that the development is a step in the right direction to clean up the image of motor finance.'
A code of practice has already been drafted by the NACFB. One of the main aims of the division is to establish a register of brokers who adhere to the code and the principals of the division to be used by funders. 'Brokers in the motor finance industry have faced negativity from motor manufacturers and large contract and leasing funders,' said Brown. 'The division will give them much needed credibility.'
Brown said that the division will be particularly useful for smaller brokers as it plans to offer a raft of support services, including software technology, back office and marketing support and legal advice and arbitration services.
Steve Wellings, a motor finance broker from Salisbury, welcomed the move towards self regulation of the industry. 'I will be very interested in what the division will offer motor finance brokers and its plans to lobby government.'
However, Graham Hill, managing director of Easy Vehicle Finance, warned that the direct regulation of motor finance brokers may one day be inevitable. 'The setting up of the division will solve a short term problem but eventually regulation of motor finance brokers is likely to occur.'
