The National Association of Commercial Finance Brokers is our professional trade body with a focus on providing the best asset finance advice available to help SMEs.
We advise any business looking for asset finance and using a broker for the purpose to ask whether the person they are using is a NACFB member.
It goes without saying that Gipping Finance is a member, along with 1600 other commercial finance brokers.
Not only does membership ensure the highest ethical standards but it also means individual brokers can access expertise from a network of trustworthy professionals to support their own services.
Why is NACFB membership important?
Firstly, members sign up to a code of practice established in 1992. The organisation requires members to have Full or Limited Consumer Credit Permission, Professional Indemnity Insurance, a Data Protection Licence, and a good track record with nationally recognised lenders.
Those who are new to commercial broking are limited to Associate membership but only for a maximum of two years. Once they have a track record they undergo a strict checking procedure and are then required to upgrade to full membership.
That means members have to follow strict standards of business practice, which can only benefit the SMEs they are helping.
The NACFB also operates a dispute resolution council, a recognised complaints and grievance procedure for members’ customers and clients and a disciplinary process to ensure members do not use unacceptable working practices.
Members must also complete a minimum of 35 hours of Continuing Professional Development (CPD) each year, providing regular training and updates on any industry changes.
All of this means that any SMEs using members’ services have an extra layer of protection and can be assured of a highly professional service from brokers who have a large network of national resources to draw on.
To find out more about the NACFB click here