The National Association of Commercial Finance Brokers (NACFB) is the national trade body for brokers who arrange finance for businesses. NACFB members work across the whole commercial finance sector and operate in areas such as commercial mortgages, leasing and asset finance and vehicle finance. The NACFB works to encourage best practice in a largely unregulated sector of the market.
How choosing an NACFB broker protects YOU
All NACFB members are thoroughly vetted before they are allowed to join the Association, and must comply with a Code of Practice once they have become members. To become a full member, the Association requires:
- Satisfactory credit reference checks
- Companies’ House check - to ensure no-one has been struck off as a company director
- FSA search – to make sure no one has been struck off by the Financial Services Authority
- Identification and verification checks – to ensure applicants are who they say they are!
- Evidence of broking experience
- We also ask for bank references and lender references.
If a broker passes all these checks, then they are allowed to become a member of the Association and can use the NACFB logo. Once a member, they are expected to comply with the Code of Practice and any breaches are treated very seriously indeed. They are also expected to hold professional indemnity insurance.
Complaints
If you are unhappy with the service offered by an NACFB member you should, in the first instance, complain to the broker. All NACFB members operate a complaints procedure, but if you have completed this and you are still unhappy, you are welcome to complain directly to the Association. Please put your complaint in writing and address it to: The Chief Executive, NACFB, 3 Silverdown Office Park, Fair Oak Close, Exeter, Devon EX5 2UX.
