Since 1 April 2014 the Financial Conduct Authority has given commercial finance brokers wider options with the emergence of principals and appointed representatives within the previously unregulated sector.
The NACFB’s Code of Practice and Constitution are being revised to accommodate a new regulatory landscape being led by the FCA and the association’s lender members.
A spokesman from the NACFB said: “We cannot make any changes to our practices without of course reverting to our members to approve the changes that we feel are necessary to keep the commercial finance broking industry in line with the demands of 2015 and beyond.
“We need to ensure that the association is protecting our members and preparing the broking industry for a sustainable future.
“This is not only about regulatory changes, but to react to the requirements from the 124 lenders that we work with. They are keener than ever that we encompass regulation and support the broking industry as we forge even tighter links with the asset finance funders, high street and challenger banks and the alternative lending market.”