The time is now
Published in Niche Magazine 08/2004


These days there seems to be an association for just about everything, from the Glass and Glazing Association to the Association for Business Ethics. And not a day goes by without another lobby group being formed to influence key decision makers. Now it's the turn of vehicle finance brokers with the launch of the AVFB.

The launch of the Association for Vehicle Finance Brokers (AVFB) could not have come at a better time for the industry. Impending regulation of the general insurance industry by the FSA means that many brokers are thinking of pulling out of the insurance market altogether, put off by additional administration. The Association plans to offer back office support systems to help brokers meet the requirements set down by the FSA and continue to offer insurance products.

It also plans to have a published code of practice for which OFT approval will be sought in due course. And on reaching target member numbers, the Association plans to appoint a full time specialist to assist members with any issues they may have.

The AVFB should give the industry the touch of respectability it needs, hopefully identifying those rogue brokers that sometimes give the industry a bad name. 'The AVFB will be working hard to encourage contract hire companies to be more selective when choosing vehicle finance brokers and the presence of the Association in the broker market can only be positive,' Martin Brown, one of the founders of the Association, told Niche Commercial Finance.

But let's hope that funders will go one step further, and that once the Association is up and running and establishing a sound reputation, they will decide not to deal with brokers that are not registered with the AVFB, at all. Only then can those brokers that work hard to service the needs of their client start building a solid reputation for their industry.