The body noted that many brokers from outside the sector, who saw commercial finance as an easy opportunity when the residential mortgage market dried up, had been forced to move out again when a lack of experience and easy credit made it difficult to make a living.
Adam Tyler, chief executive of the NACFB, warned the broker sector was facing one of the “biggest challenges of its existence”.
“The combination of horrendous economic conditions and the resurgence of advanced fee fraud mean that it’s more important than ever to keep standards high. Although times are tough, brokers must not be lulled by offers of high commission – the customer is paramount.”
He explained: “We recognise how difficult the last 18 months have been for many of our members. We have worked hard to make sure the profile and reputation of the Association and its members has grown; to the extent that we are now being approached by lenders looking to use our members exclusively as a route to market.”
“The aim is to ensure that there are greater opportunities for NACFB brokers to access exclusive funding lines alongside a greater range of opportunities to earn extra income, without losing sight of the aims of TCF.”
Tyler stressed that customers needed expert advice now more than ever; adding that it was vital brokers did not lose sight of TCF.
