Brokers want to see more simplified compliance ‒ NACFB

The survey of members by the National Association of Commercial Finance Brokers found that almost two thirds (65 per cent) want to see compliance made less complicated, while around one in six (16 per cent) would like greater clarity on precisely where the FCA’s perimeter lies.

Another one in ten (nine per cent) want to see greater regulatory protection.

The study also polled advisers on what they look for from lenders. More than a third (37 per cent) said their most common reason for selecting a lender was the rate on offer, followed by certainty of funding (18 per cent) and previous positive experiences (16 per cent).

The NACFB highlighted that overall most brokers select a lender based on service factors rather than financial ones.

Poor credit history (28 per cent), the sector being deemed too risky (25 per cent) and a lack of collateral (17 per cent) were flagged up as the most common reasons for deals being turned down by lenders.

The NACFB said that the poll ‒ which touched on issues such as typical deal sizes, length of time in the industry and primary areas of focus ‒ was its largest ever survey.

Graham Toy, chief executive officer of the NACFB, said: “The renewed certainty, clarity and clout with which we can engage with our stakeholders, means that in 2020, when the NACFB starts a conversation, others will sit-up and listen.”

“The association will utilise this data throughout the year when engaging with key policy, regulatory and industry stakeholders,” he added.