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In Focus Commercial Credit


 Clearly disclose any charges that may be applied and how.  Clearly disclose any early-repayment policies and if early repayment charges apply, if applicable.  All marketing and promotional material must be clear, balanced, fair, and not misleading. These materials must also properly set out the key features, benefits, and risks associated with the member’s lending proposition.


Code of practice


Not surprisingly, our operating principles lean heavily on the well-established British Bankers’ Association Lending Code. Importantly, the new association also provides members with a common voice to influence how the sector develops. In our launch announcement, we stressed the importance of SMEs feeling confident when they see the distinctive AABF logo, and being reassured that they would be dealing with an alternative lender which totally embraces responsible lending. SMEs are able to gain added comfort by accessing the detail behind the four key


principles from the association’s website. The new association aims to work closely with other well-established finance associations and one of our first key initiatives is to create a centralised database for fraudulent applicants and personal guarantees, in order to limit the ability of borrowers to take out a loan from multiple vendors at the same time. Capify UK’s MD, Tony Pegg, positioned this well in our launch statement, saying: “Capify US was a founding member of the Small Business Finance Association (SBFA),


a non-profit alternative lending industry trade association in the United States, that has focused strongly on sharing data to help prevent merchants that have defaulted on SBFA members as well as potential businesses trying to defraud members, saving millions of dollars in potentially bad transactions through the years.


“The AABF’s proposed personal guarantee database system will be a valuable tool for all association members.”


In focus


The new association aims to work closely with other well-established finance associations and one of our first key initiatives is to create a centralised database for fraudulent applicants and personal guarantees


I was asked, the other day, about what our immediate focus was and how I would know if the AABF has been a success in a year’s time.


My answer: our focus, in year one, is to recruit like-minded alternative finance providers that share our passion for the best standards of industry practice. If, in a year’s time, SMEs looking for finance recognise the AABF logo and feel confident that they are dealing with a transparent, responsible, fair, and secure lender, then we will have achieved our major aim. CCR


UK:we’ve got it covered


A seamless debt and asset recovery solution across Scotland, England, Wales and Northern Ireland.


March 2017 www.CCRMagazine.co.uk 15


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