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Round-table MBE 2012


Round-table: Stepping up to the challenge


Trade bodies in the bridging market have been called to account. Our panel challenges the ASTL, AOBP and NACFB to explain their roles and value for members


There have been claims that bridging needs an “effective and truly representative” trade body. The inference is we do not have this currently – why?


Martin Gilsenan: This emanated from Omni Capital and was not intended as a negative comment, rather a call to action as we enter uncharted waters. We believe 2012 promises to be a pivotal year for the sector. Regulation will be a key issue. So too will be increased competition, perhaps from opportunistic players with little real long-term interest in bridging. We can also expect increased scrutiny from the national media and the money advice community. Experience suggests this may well be negatively-slanted. In response to these and other challenges, it’s clear our sector needs a credible, authoritative voice or voices. Individual firms have a role to play in this but can never be as effective as a well-organised trade body which we would argue should strive to be ahead of the curve in outlook and proactive in its actions. We do not believe we have quite reached this point with some of our trade bodies. Judging by market reaction, others appear to share


22 BRIDGING INTRODUCER MARCH 2012


our view. That said, it would be wrong not to acknowledge the good work done by our trade bodies to date. We also recognise a trade body can only be as effective as its membership allows: it is the servant not the master. But our worst enemy is complacency. A feeling that everything is fine, that we don’t need to be doing more. We’ve seen the consequences of this in other sectors, sub-prime and secured loans to name but two, but it need not happen in bridging. Lucy Hodge: On behalf of the Association of Bridging Professionals, we’re just into our second year so we’re still in our infancy. Our membership has grown quite significantly, we’re nearing 500 members now and for us this is the year to make things happen. We’ve started to put that into place. We’ve been speaking with the NACFB and ASTL to find some common ground where we can share a united front with the FSA. We’ve already met with the FSA, we’re trying to hear the voice of our members and make sure that we are representing them properly.


Laurence Goodman: Trade bodies when they’ve started out as fledgling organisations need to go through a phase like all organisations.


Establishing themselves and building themselves up from there. If you look at the National Association of Commercial Finance Brokers as a prime example, there were great intentions when they started many years ago and in fairness the members of the NACFB at the time recognised that they had enough substance to go to the next stage. Adam’s come in, and has done a fantastic job as CEO of the NACFB over the years he’s been in charge. In fairness to the Association of Short Term Lenders, we’ve probably got to a point where maybe we’re not quite there yet but I believe certainly they are a valid and respected voice. I think it’s wrong for any relatively new member of the ASTL or bridging sector to be criticising, saying the ASTL isn’t doing what it ought to be doing. If you are an active member, you’re there to contribute, help and support the ASTL.


There seems to be a lack of understanding or agreement of what the objectives of the three different trade bodies are?


Adam Tyler: Each of the three bodies have a different place. The


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