The Analysis Comment
Introducing UK Finance
A new combined trade association is aiming to promote trust and best practice in the industry
Jeff Longhurst Head of commercial and asset based finance, UK Finance
Jeff.Longhurst@ukfinance.org.uk
CCRMagazine readers may be aware that a new trade association launched on 1 July 2017 to represent the finance and banking industry in the UK. UK Finance brings together the activities
undertaken by my former organisation – the Asset Based Finance Association (ABFA) – with those of the British Bankers’ Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and The UK Cards Association. It represents around 300 firms in the UK providing credit, banking, markets, and payments-related services. The objectives of UK Finance are to
help our members build customer trust, facilitate appropriate industry-wide collaboration, and work constructively with policy makers and regulators in the UK, EU, and at a global level on financial-services regulation. Overall, we seek to ensure that the UK retains its position as a global leader in financial services. Consumers’ expectations of financial
overdraft. It may be best provided by a high-street bank or a more specialist provider. The same is true in the world of personal finance. Our aim is to engage directly with
our members across the financial-services industry to understand the needs and issues of their customers and clients. UK Finance has been launched to be a forward-looking, agile, and collaborative trade association, combining expertise from all corners of the industry. Through this collaboration and focus,
our goal is to ensure that UK Finance plays a significant role in improving the way the financial services industry is viewed by the general public.
services are fast evolving. This is the case whether they are individuals or families, sole traders, SMEs, or larger businesses. The boundaries between different financial services have become blurred and one of the industry’s key challenges is to ensure that the products and services available reflect and respond to the needs of all consumers.
Options available In the business world, a small company needing support with its working capital simply wants the solution that best meets its requirements – that may be a loan, an invoice-finance facility, or an
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Consumers’ expectations of financial services are fast evolving. This is the case whether they are individuals or families, sole traders, SMEs, or larger businesses
Setting the bar Looking, very briefly, at what was my corner of the financial-services world, I am very pleased that UK Finance will be maintaining and building on the ABFA’s focus on standards. The ABFA’s Standards Framework –
incorporating the principles-based code enforced by an independent complaints process
and the Professional Standards Council – has been
brought into the new organisation. And we are looking at how such approaches to alternative dispute
resolution might be introduced in other areas as well. These are certainly exciting times to be involved in the
commercial finance world. If any readers would like to find out more about the work that is being done by UK Finance they should contact either myself or one of the team –
firstname.lastname@
ukfinance.org.uk. CCR
www.CCRMagazine.co.uk September 2017
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