Asset finance brokers must share fraud insights says FLA

Commercial brokers are being encouraged to share information on fraudulent activity in the asset finance industry, after trade body the Finance and Leasing Association launched a "tip-off" system.
2 July, 2010

Speaking at the National Association of Commercial Finance Brokers' Commercial Finance Expo this week, head of asset finance at the FLA, Julian Rose, said the asset finance industry and brokers in particular must show they are fighting fraud actively.

He encouraged the commercial brokers in the conference audience to share information on fraud with other institutions by alerting the FLA about any dodgy activity they come across.

The FLA and the Asset Based Finance Association have been working with credit referencing agency Dun & Bradstreet to form a closed user group that allows members to securely share information on suspected fraudulent applications.

NACFB members will now be able to post information on the system through the NACFB.

Rose said: "It's important to show the funders that brokers are participating in the fight against fraud. We must work together if we are going to overcome these challenges in the asset finance industry."

"Often brokers will spot a fraudulent application because they meet the customer and never send it through to a funder. We want to ensure that intelligence isn’t lost from the system."

Link to original article

  • "Well done to the NACFB for a great exhibition at the NEC on Wednesday."
  • "I wanted to write and express my appreciation to you and the NACFB for a very good show. This is the first time that we have ever exhibited and the response that we had and the reaction received from people was frankly overwhelming."
  • "The Expo was another roaring success with increased visitor numbers from last year. The atmosphere in the hall was fantastic throughout and you could really feel a buzz in the room. The success of any event is largely down to the enthusiasm and participation of the exhibitors."
  • "I thought it was excellent and from borro’s perspective it was highly successful (we had £3,000,000 of leads)."
  • "Just a quick note to say what a great success yesterday was and thank you very much. We met so many serious brokers and our jaws and feet were aching! We will certainly be back next year!."

Commercial Finance Expo 2012 Sponsors

Aldermore Shawbrook Bridgebank Capital Barclays Funding Circle MT Finance