News Review


Bridging needs “effective and representative” trade body


By Sarah Davidson


Bridging needs a truly effec- tive and representative trade body to set industry standards and help fight the sector’s corner on regulation. Colin Sanders, chief ex-


ecutive at Omni Capital, said he hoped 2012 would be the year which sees the emer- gence of “truly effective and representative trade bodies” for the sector. He added: “The basis for


this already exists and the more mature bodies, such as NACFB, perform a sterling service for their members. “But more can be done and as short-term lending contin- ues to emerge from its previ- ously ambiguous past, there is a pressing need for our trade bodies to evolve from ‘clubbi- ness’ to become the serious, vocal and articulate champi- ons of the sector.” The


comments formed


part of Sanders’ wish list for the coming year and sparked furious debate among bridg- ing’s leading lights. Alan Cleary, managing di-


rector of Precise Mortgages, said he thought there were currently too many trade


“More can be done as short-term lending continues to emerge from its previously ambiguous past”


bodies in the sector and not every one offered value for members. He said: “Everyone is en-


titled to their opinions but I don’t think we have a united voice representing our sector. We need to set standards of behaviour and professional- ism in bridging and we need a strong trade body to do that for us.” Precise


confirmed it had quit


Mortgages also the


ASTL in January after Lowry Capital quit the association in November last year. Just two months after the comments Adrian Bloom- field, chief executive of the Association of Short Term Lenders, resigned saying he will remain in place “for a short period” until a new head has been found. Bloomfield said: “Having


acted as CEO of ASTL since its inception in 2008, the time has come for me to stand down and hand over the role to someone else. “I will continue for a


short period to achieve a smooth transition. I wish good fortune to ASTL and its members and associate members and all connected with the short-term lending industry.” Lenders have said who-


Colin Sanders 4


ever takes over the helm of the ASTL must smarten up


BRIDGING INTRODUCER MARCH 2012


rates, hoard proc fees, and attract


negative


bridging as result.” Speaking for the


committee


press to trade


association Mark Posniak, head of marketing at Drag- onfly and an ASTL execu- tive


member, Adrian Bloomfield


the industry and make mem- bership more selective. Duncan Kreeger, chair- man of West One Loans, said: “I’m not particularly bothered who takes the lead at the ASTL - I don’t think there are any standout candi- dates at the moment. “What I am passionate


about is the direction the ASTL takes. Whoever gets the job, I’d like to see mem- bership offered much more selectively. “At the moment, decent, upright


honest lenders are


being lumped in the same boat as some less reputable outfits.” He said the ASTL should specific require-


introduce


ments to tighten up the cri- teria for membership and “keep the cowboys out”. “This is a serious problem industry,” Kreeger


for the


added. “When we polled bro- kers recently, 15% of them said new entrants are rushing into an industry they don’t understand, for short-term gain.


“I don’t want ASTL mem-


bership lending a veneer of respectability to people who offer misleading headline


said: “The aim of the ASTL is to promote and protect the interest of its members. The ASTL has a strict code


of conduct that all members must abide by but, as long as they do so, any lender in the short term lending industry who has been in business for at least a year is welcome to join.


“I don’t want ASTL membership lending a veneer of respectability to people who offer misleading headline rates, hoard proc fees, and attract negative press to bridging as result”


“Any application for mem-


bership is voted on by all the members, therefore it is up to existing members who are concerned about the future of the ASTL to put them- selves forward and play an active part in its future and in the decisions that are being made. The ASTL has made a tremendous start over the past four years and now this is the start of a positive new chapter as we embrace the changing conditions and the new challenges that present themselves to any industry.”


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