Vic Jannels, CEO of the ASTL, said these were “difficult times” for those in the short-term lending market with obstacles stopping businesses from operating normally.
He said lenders’ inability to carry out activities as usual made them subject to scrutiny.
Since the coronavirus pandemic forced the UK into a lockdown, lenders have made changes to valuation processes with respect to social distancing rules while others have partially or completely withdrawn from the market as uncertainty around funding remains.
“We do not know when this period will end, but we do know that it will end. I expect that there will then be many opportunities for short-term lenders and brokers to help clients rebuild their cashflow and help facilitate recovery for the future,” Jannels said.
The chief executive said it was important for lenders to “demonstrate their commitment” to working in the interests of their customers.
He added: “The ASTL Code of Conduct provides a framework for lenders to do just this – and I would encourage any broker to use this time to become familiar with those lenders that are signed up to the code.
“Similarly, for lenders, there is no better time to review your business priorities and invest in a commitment to the future of the market, and the future of your business.”