NACFB sees record member growth

The Association also works with 141 lenders and funders to business - double the previous peak in 2007 - and has taken on ten new lenders since the start of the year.

Last year its members wrote just under £16 billion in new business and is on target to match the all-time record of £19.1 billion this year.

However the NACFB said that by 'rigorously applying the best standards in the industry', it continues to turn down brokers who fail to meet requirements such as holding professional indemnity insurance, providing suitable references, or signing up to its Unregulated Members’ Agreement in the few cases where Consumer Credit Permission cannot be granted.

Yet the growth in 2016 demonstrates the "willingness of commercial finance brokers and lenders to achieve the highest professional standards and to seek a 'badge of honour' that demonstrates these standards to SMEs", the Association says.

Since launching NACFB Compliance Services it has seen nearly one thousand broker firms (both members and non-members) gain FCA authorisation.

Paul Goodman, Chairman of the NACFB, said:

“The recent surge in growth is testimony to the great work that continues behind the scenes and is confirmation that the NACFB and our members continue to be the place to go for commercial finance. There are exciting times ahead as the Association continues to influence the direction of regulatory travel to the benefit of our Members, Patrons and ultimately UK SME”.