CFI: NACFB
A funding gap or an optimism gap By Adam Tyler, NACFB
I’d like to get your attention first with the three announce- ments that most deserve the oxygen of publicity. Firstly, we’re being ap-
proached more and more by brokers who are new to the field, who don’t have the expe- rience we prefer to see. Tey’re keen to take qualifications and to receive training. So the NACFB needs to of-
fer a more structured “associ- ate” level of membership, to complement the numbers of full members. Tat will in- clude our events, some new pick-your-own education op- tions in an online library and some level of mentoring too. Much like our transatlantic
sister organisation the NAELB (National Association of Equipment Leasing Brokers), we
run educational
sive seminars at each Annual Conference. Where we
discur- run
workshops, the NAELB has its Eastern Regional Meeting and Western Regional Meet- ing, plus a range of Distance Learning programs that han- dle the vast distances between US cities. Te NAELB goes even fur-
ther. It offers both a Men- tor Program and an online Leasing Forum so that – and I quote here from their co- founder Bud Callahan – “ peo- ple with questions can easily seek and receive advice from their peers and industry vet- erans”. NAELB members can
buy books, CDs, videos and other leasing industry train- ing aimed straight at them. It’s a full training programme that we believe we can learn some- thing from. Just like the NAELB, we are
being invited to play a role in educating and informing, and in the process bringing down the average age of a commer- cial finance broker, making sure someone’s around to pick up the leads in, say, 20 years time.
OFT issues Looking to something rather more immediate, my second observation: I’ve seen a copy of a letter sent by the Office of Fair Trading to all Consumer Credit Licence holders, dated 15 July. Te letter outlines some very important actions that our members – and all other licence holders too – will need to take. Here are the ba- sics: licensees need to register with the FCA in September. Otherwise, they will risk op- erating illegally aſter 1 April 2014. Te OFT advises licence
holders: “from September, you must register with the FCA for interim permission if you wish to continue the activities you are currently licensed for aſter 1 April 2014.”
Growing pains My third announcement is similarly urgent. Te time has come for the NACFB to grow.
Grow not only in member numbers or patron numbers (which is happening anyway) but specifically in terms of brand recognition. We’ve got an
ambitious
press coverage plan, and our patrons have come forward with a will to support the extra demands this will place on our time and our staff. As a not- for-profit organisation, with a duty of care to all its mem- bers, we’re seeking to enlarge and maximise our budget – because the piggy-bank be- longs to our members, and we won’t spend it on anything that doesn’t directly benefit them. We’ve occupied our London premises for nearly a full year and the cost of the extra rent (over our Exeter office) is compensated for by the fact that we’re all where we need to be, every day, and not having to travel. Tere’s a need for one additional staff member too, because there is simply more going on than ever before. Meanwhile, Lord Mitchell –
our guest at the Asset Finance Seminar in February – has be- come Ed Miliband’s business ambassador, making recent headlines by querying the ad- visability of the high speed north-south
rail link HS2
while also fighting the fight for UK SMEs at the highest level. “Loans in general to SMEs
year-on-year,” Lord Mitchell pointed out in a parliamen- tary question one month ago, “are down by more than 3%,
and Funding for Lending in the last quarter was down by £300m. Billions of pounds are being drawn down by partici- pating banks, but precious lit- tle is getting through to SMEs.” He also observed: “UK Ex-
port Finance was set up spe- cifically to help all businesses to export more, but let us look at the results. Over one year— 2011-12—the number of small and medium-sized companies receiving help from UKEF has been the magnificent total of 21.”
Te important thing is not
that this is news to us, but that we need someone to be saying these things at government level and we need to add our weight to the message wher- ever we can. Our annual survey data
is coming in, and that’s one source of material that helps us argue the case for SMEs. One early point of interest is in the members’ predictions for the next twelve months. Tree contrasting figures: Members who think their
own turnover will increase rapidly: 21% Members who think SME
funding will increase rapidly: 7%
Members whose SME con-
tacts expect their turnover to increase rapidly: 0% Are we looking at a funding gap, or an optimism gap?
Adam Tyler is chief executive of the NACFB
www.mortgageintroducer.com
MORTGAGE INTRODUCER SEPTEMBER 2013 47
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