The Finance & Leasing Association (FLA) has launched a new Broker Accreditation (Asset Finance) Service.
This initiative is designed to assist brokers in demonstrating their adherence to regulatory responsibilities and the FLA’s Business Finance Code.
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It also aims to simplify the due diligence process for funders when engaging with intermediaries.
Accreditation requires annual renewal to ensure brokers maintain compliance standards.
The service includes bespoke training and regular regulatory updates, bolstering brokers’ knowledge and expertise.
Additionally, accredited brokers will benefit from increased visibility among lenders seeking reliable partners.
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By GlobalDataThe FLA is a trade association that represents the asset, consumer, and motor finance sectors within the UK.
Recognising the novelty of the FLA Broker Accreditation Service, the association is establishing an FLA Asset Finance Broker Review forum.
This platform will facilitate discussions on the service’s effectiveness, potential enhancements, and future developments.
FLA director general Stephen Haddrill said: “Intermediaries are an important part of the industry, and the new Accreditation Service will help us work smarter with our partners for the benefit of our customers.”
Last week, the FLA unveiled its 2024 manifesto, which highlights the significant contributions of FLA members to the economy and suggests strategies to amplify this impact.
The manifesto calls for improved regulation and access to finance, as well as the removal of investment barriers, and incentives for green investments.
Last year, FLA members across various markets provided a record £151bn of new business.
Of this, £38bn supported business investments in machinery, equipment, and vehicles, with £23bn allocated to small and medium-sized enterprises (SMEs).
Households received £113bn, including £39bn for new and used car financing.
Motor finance for both businesses and households totalled £52bn, with non-bank lenders contributing £63bn.
