The Guild comprises a group of independent finance intermediaries and brokers. Credit: insta_photos/ Shutterstock.

The Guild of Business Finance Professionals has been launched to enhance standards across the UK’s business finance industry.

Comprising a group of independent finance intermediaries and brokers, the guild will focus on fostering ethical conduct and establishing new benchmarks for industry integrity.

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Stephen Basset has assumed the role of chairperson of the guild while Trevor Pirie has been appointed vice chairperson.

Central to the guild’s objectives is the advancement of transparent and healthy business ethics among its members. These members include a broad spectrum of lenders and corporate borrowers, with a particular focus on small and medium-sized enterprises (SMEs).

The guild will also look to deepen the market’s comprehension of the role brokers play in securing funding for corporate entities, especially SMEs.

It seeks to underscore the significance of broker services to various stakeholders such as borrowers, lenders, regulatory bodies, and government entities.

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Operating as a non-profit, unincorporated association, the guild’s members are bound by a constitutional charter that delineates their shared goals. These goals encompass the prevention of substandard lending and brokering practices, the endorsement of appropriate financial products, and the eradication of mis-selling within the market.

The guild’s founders believe that a united voice will lead to more favourable agreements with funders and exert a positive influence on the wider market landscape.

The guild said it is open to collaboration with any funder, trade association, or market participant who is committed to enhancing the sector’s reputation, eliminating unfair practices, and educating stakeholders on how to meet the future needs of corporate customers.