I have been one of the most outspoken of critics of the ABFA in the past for it’s perceived unwillingness to police it’s members but following a coffee with Kate Sharp the CEO of the ABFA recently I have been converted to the light.
The Code of Conduct will never be all things to all men but it’s certainly a good start with the real movement forward coming from the establishment of a Professional Standards Council for the factoring industry plus the appointment of the Ombudsman Service to provide it’s services for dispute resolution.
The Professional Standards Committee will not just be factoring industry insiders but will include a number of external heavyweights as well and it’s their job to ensure that high standards are set and maintained.
I was quoted recently by a national newspaper as saying that “those [lenders] that like to skate on thin ice will continue to do so knowing that ABFA have no teeth or the will to grow any.”
Kate assured me that there is a rather large set of canines growing rather nicely at the moment and the ABFA will use them if necessary to either nibble or bite hard on any of their members that might be considered to be bringing the industry into disrepute.
Having been publically critical I’m happy now to withdraw my reservations and give the ABFA the opportunity to put it’s plans into operation in the hope that it goes a long way towards obviating the need for regulation