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Industry News

Machine Refinance For Cash Flow

Machine Refinance remains a very important option for boosting cash flow.  Often banks are moving customers away from traditional overdraft facilities to sales invoice finance such as factoring or invoice discounting.  This can be an expensive option and machine refinance can often be a much more competitive option.  It is usually possible to borrow up to the trade value of your plant and machinery and you get good title back at the end of the finance period.  Please contact us for free, help, advice and quotations.

FCA Compliance – Asset Finance Brokers

The NACFB Expo took place this week.  At the forefront of all asset finance brokers and lenders minds is the new FCA Compliance regime and it is clearly a concern for us all in the asset finance industry.  All asset finance brokers and lenders now have to re-apply for their Consumer Credit Licences in order to continue to write Consumer Credit business.  However in addition most of the lenders also require asset finance brokers to hold Consumer Credit Licences in order to write unregulated corporate business as well.

Many of the new requirements are good for the industry and will benefit us all in the long run.  Professional standards will improve and there will be more transparency with products, pricing and the way the products are sold.

By now all asset finance brokers and lenders will have obtained interim permission and some may have already gone through the application process for their new Consumer Credit licence.  Our date for application is not until October 2015.  I am hoping that by this time an element of common sense will have emerged once the FCA have a better understanding of the type of business most asset finance brokers and lenders write.  However the two main points at present which I feel need to be reviewed are as follows.

  • Less than 10% of our and many other asset finance brokers business is actually regulated business within the Consumer Credit Act.  If the lenders agreed that a Consumer Credit Licence was unnecessary then some asset finance brokers could decide not to handle regulated consumer business.  They could then continue trading with unregulated business customers, similar to the position in the mortgage market.
  • Do asset finance brokers really need categories D & E on their licence?  Some of the lenders are insisting that this is the case.  The only time most asset finance brokers get involved with debt adjusting is when an asset is placed in part exchange and the asset still has outstanding finance to be settled.  Does this small area really need the extensive extra provisions of categories D & E?

I am pleased that the NACFB have decided to host some compliance seminars that are being sponsored by Aldermore Bank.  This is a time when all of us in the industry will benefit from co-operation and the sharing of knowledge and experience.  It will be interesting to see how things develop as we move forward.

Keith Pallett, Managing Director.

Poor awareness of asset finance ‘holding economy back’ – Telegraph

Poor awareness of asset finance ‘holding economy back’ – Telegraph.

100% allowances for Asset Finance

Some good news in the Chancellors autumn statement.  The 100% Annual Investment Allowance for the purchase of new plant and machinery presently stands at a maximum of £25,000.  This will be increased ten times to £250,000 with effect from 1st January 2013 for a 2 year period.  This is excellent news for business and in particular for the asset finance industry.  Please contact us for more information.

BBC News – Funding for Lending bank scheme launched

The announcement for the new Funding For Lending scheme was missed by many due to the news being dominated by the olympics.  The link from BBC News is below.  We have made enquiries with regard to the likely impact on machine finance deals but the lenders are still not certain of the practical impact at this stage.

BBC News – Funding for Lending bank scheme launched.