CFI: NACFB
Improvements for market slowly but surely by
Adam Tyler, chief
executive, NACFB
Since the worst of the down- turn in 2008 to 2009 the nacFB list of registered lenders fell to an all time low of 45 as lenders pulled out of the market. Prior to the downturn the nacFB had 84 registered patrons, which gives an indication of the cri- sis. the commercial industry has certainly taken a bashing over the last few years but without being blasé, it is fair to say that although far from perfect, we seem to be head- ing in the right direction al- beit frustratingly slowly. i am pleased to report
the government recently announced that it intends to review some areas of em- ployment law such as collec- tive redundancy consultation periods and compensation for discrimination awarded at tribunals. george osborne, chancel-
lor of the exchequer, will be speaking at the institute of directors annual convention on employment law and has encouraged businesses to give their viewpoints on how to cut red tape and bureau-
that the number of lenders registered with the associa- tion has grown significantly in the past year – up by 31% compared to the same period last year. Whilst this may not be an indication that all is exactly how it should be, it certainly implies that lenders are making their way back to the market, even if they are not lending at the levels seen prior to the crunch. We have also had 70 bro-
kers apply in the first four months of this year to join the nacFB, this is more than at any for the same period in the last three years. these are a wide cross section of the market and a good mixture if new and returning commer- cial finance brokers. it is vital that these tenta- tive steps in the right direc-
cracy to create an environ- ment to grow by taking on new employees. a particular area that has
come under scrutiny is em- ployment tribunal payouts which have come under criti- cism from businesses due to the unpredictability in terms of the amount awarded. many businesses have suggested that they often settle out of court due to the inconsis- tency of the levels of pay- outs awarded. compensation levels are also currently un-
tion keep up the pace. re- cently i attended the genesis initiative held at the House of commons which is es- sentially a gathering of trade bodies that represent around 1 million Smes and ministers responsible for ensuring that businesses can access fund-
“There are indeed lenders out there and the traditional high street lenders are not the only options”
limited and businesses have raised concerns that some employees are encouraged to take out weak or speculative cases to court in the hope of large payouts. other areas in the review
will be to look at the rules on collective redundancy to ensure that businesses have the ability to restructure their workforce and ways of mak- ing parental leave for employ- ees more flexible. employment relations min- ister, edward davey, outlined
ing and growth for business- es in the uK. this day presented a great opportunity for dialogue be- tween trade bodies repre- senting Smes and ministers and sought to discuss ways of getting funding to Smes. the nacFB list of 66 patrons served to highlight that there are indeed lenders out there and the traditional high street lenders are not the only op- tions that Smes can look at. it was a fantastic opportu-
nity to represent the commer- cial broker and underline just how important the broker’s role is in introducing funders to Smes. ultimately, if Smes are unaware of the range of lenders and fail to realise the role that the broker can play in securing funding it will stall the economic recovery.
Employment law changes could cut SME red tape
the plans in a recent speech at the institute of economic affairs. He said: “the areas we are reviewing are priori- ties for employers. We want to make it easier for businesses to take on staff and grow. “We will be looking care-
fully at the arguments for reform. Fairness for individu- als will not be compromised – but we where we can make legislation easier to under- stand, improve efficiency and reduce unnecessary bureau- cracy we will.”
COMMERCIAL FINANCE EXPO 2011
54 mortgage introducer JUNE 2011
Exhibitor spaces fully booked
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