Asset and motor finance industry bodies do not
currently provide a suitable home for consumer finance brokers,
said delegates attending a round table discussion hosted by Motor
Finance and Frontline Solutions this month.
The Finance and Leasing Association, BVRLA and
NACFB are all well suited to companies in the fleet sector, but are
not real options for consumer motor finance brokers, the attendees
argued.
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Richard Hoggart, managing director of DSG
Financial Services, says there is a huge gulf between fleet leasing
brokers and retail finance brokers which needs to be recognised by
the bodies.
“They’re completely different animals,” he says.
“The only similarity is that there are cars involved, and the word
‘broker’. The NACFB is going to have recognise that we are
different, we’re not like leasing brokers. There’s no point in us
joining an association that doesn’t have any recognised patronage
of the people that matter to us or have the ear of the people that
matter to us.”
Hoggart believes there is some benefit in an
association of retail finance brokers but says it would have to add
some value to what brokers do.
James Tew of consultancy business Fortuitus,
says creating a new division of the NACFB would be a viable
idea.
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By GlobalData“There’s some pedigree, some history,” he says.
“A new-start venture might fail, but attaching it on to a body and
creating a new division could work.”
Hoggart told Graham Hill of the NACFB he would
be happy to be involved in the future, if changes are made.
“I personally believe there is the potential
that your organisation could do this, but as it stands it’s a long
way off being a useful proposition to retail finance brokers,” he
told Hill. “I’m more than happy to talk about it in future.”
Hill said that the membership basis and attitude
of the NACFB had changed several times over the years, and that the
same flexibility could be applied to its asset and vehicle finance
divisions.
“The NACFB has got interest out there in the
retail sector, now we need to turn that into something tangible,”
he said.
A full report on the round table
discussion is published in the May edition of Motor
Finance.
