There are two ways of looking at the costs involved in obtaining and complying with the new consumer credit regulations. One is what it will cost you to become and remain fully compliant. The other is what it will cost you if you don’t!
A recent survey indicated that according to almost 70% of responses, the financial cost of obtaining authorisation was higher than had been initially budgeted.
This of course does not include the sheer amount of personal time and effort that is also required first of all in obtaining authorisation and secondly to then maintain all the processes and procedures necessary to retain your authorised status.
Cost and of course the fear of infringing FCA regulations are among the main reasons why more and more brokers are now turning to AFS Compliance. As a principle with unrivalled knowledge and experience of the Consumer Credit/Asset Finance market, AFS Compliance is without question the most convenient, reliable and most cost-effective way of enabling brokers to meet all the regulator’s expectations without the need for the high investment required if you decide to proceed down the direct authorisation route.
As an AFS Compliance Appointed Representative brokers are able to retain their own independence and identity, while at the same time they can tap into the strengths and resources of AFSUK that provides immediate access to what is an unrivalled panel of funders numbering in excess of 50. This exceptional funding facility also includes funding organisations that focus on catering for difficult to satisfy specialist and niche market sectors.
Equally importantly, brokers who opt to become AFS Appointed Representatives also benefit from the peace of mind that comes with the knowledge that they enjoy the full support and facilities of a company that has been trading in this challenging market for over 10-years and has year on year growth figures of around 20%.
Clearly, we are doing something (indeed everything) right!
If you have any questions relating to this article or would like to discuss how our Compliance Services, which also include Bespoke Packages tailored to match individual broker needs, could benefit your business, please call us now on 0844 555 5116 or send us a message from our Contact Us page.