CFI: NACFB
Gala Dinner spaces extended due to strong demand by Chris Ferguson, NACFB
Due to the incredible demand from the member- ship, the Gala Dinner at the Birmingham Metropole on the 24th November has been expanded. Originally, we had
Advanced fee fraud is again back in the spotlight thanks to recent high profi le cases such as the Lord Davenport case. This is an issue which refuses to go away and in the harder economic times, it becomes more prolifi c. Adam Tyler, CEO of NACFB, looks in to the issue and how the associa- tion is striving to eliminate its practice. “We have written extensive-
ly on this subject in recent months and it is a subject close to our hearts,” he said. “AFF is still around, and we as an association need to ensure that we raise awareness of it and help to eliminate the fraudsters tarnishing the repu- tation of the honest broker. “AFF is one of the primary reasons that the NACFB was established in 1992. In the era that the association was set up, credit was expensive to secure, which led to a number of opportunistic fraudsters offering deals that looked incredibly good on paper. Unfortunately, these offerings were merely to attract clients into parting with their
booked a dining area to ac- commodate around 450 guests however we managed to fi ll these spaces in record time. In order to cope with de-
mand for spaces we have re- cently contacted the Birming-
money with nothing in return. “Fast forward to 2011 and
the same story is being played out under a different econom- ic landscape. As we all know, credit in 2011 can be a tricky if not impossible commodity to secure amongst some of the mainstream lenders – in 2011 it is the restriction of credit from the mainstream lenders which has led to the rise in AFF rather than just the ex- pense. Again, with credit being diffi cult to secure, the AFF fraudsters have set about of- fering their ‘services’ and un- fortunately, businesses have been duped by these empty promises. “I recently featured in an ar-
ticle on AFF in the Mail on Sunday which was an excel- lent opportunity to get the problem of AFF out into the public domain. Obviously, as an association we have worked extensively to get the issue of AFF out to our membership to ensure that they are aware of the fraudsters operating and so that they can endorse the NACFB’s industry recog- nised code of practice and the
ham Metropole to negotiate table spaces for an additional 100, which has led to us taking a larger dining area for the evening. The gala dinner and
awards ceremony is the pinnacle of the association’s
year and is a great opportunity to network with colleagues and funders. It is also a good way to gauge the popu- larity of our patrons, with t he awards ceremony which is voted for by the member- ship.
Advanced Fee Fraud’s unwelcome return
protection that NACFB mem- bership offers to members of the public. “In 2009 the NACFB set up
the Fraud Intelligence Com- mittee which kept records of all incidences of AFF that were reported to the associa- tion. Depressingly, in the ma- jority of cases, it was the same names being mentioned. The NACFB passed these details on to the National Fraud Au- thority for the necessary ac- tion to be undertaken and without doubt, this led to a number of fraudsters coming to justice. “The association will carry
on its work of bring AFF to the attention of businesses and brokers and this is vital if we are going to protect the in- terests of the honest profes-
sional broker. As a collection of brokers operating under an industry recognised code of practice, it is essential that we all work together to voice the association’s message of best practice and professionalism. “The NACFB broker can
also rely on 70 patrons that can offer funding allowing SMEs to sidestep their busi- ness banks if credit is refused, therefore they do not need to take risks with brokers and funders whose background is unknown. It seems unlikely that AFF will ever go away completely but as the voice of the commercial fi nance bro- ker in the UK, we can high- light the problems that AFF cause and educate the public about how these fraudsters operate.”
60 MORTGAGE INTRODUCER NOVEMBER 2011
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