Association Of Finance Brokers Conduct Loan Survey
It is not only consumers and individuals with homeowner loans and other debts who have had a difficult time due to the effects of the credit crunch and the following economic slow down, but also many of those people who work in the finance industry, particularly in the area of financial advisers and loan brokers arranging secured loans for clients from the whole of the market.
As a large percentage of loan companies and packagers have closed their doors to new business over the past two years, it has become increasingly difficult for intermediaries to source a suitable secured loan for their clients, with several loan intermediary firms going out of business themselves.
As a result of this, the Association of Finance Brokers (AFB) has launched a survey amongst secured loan brokers and intermediaries, which is intended to provide a much clearer picture of the state of the industry. The availability of secured loans in the UK has fallen by a staggering 80 per cent over the course of the past twelve months and the survey from the AFB is designed to assess the state of the current market, how many loan brokers remain in the industry and also how the focus of their business has changed over the course of the last eighteen months.
Robert Sinclair of the AFB said “It is undeniable that the secured loan industry has faced extremely difficult circumstances in the last twelve months. The major constriction in lending has forced a great many brokers out of the market. This is bad news for businesses. It is also a problem for consumers who are now unable to find credit, many of whom will be in urgent need of refinancing to sort out temporary cash flow problems. Brokers have been reassured that AFB remains in place to protect their interests. We will continue to lobby for a better, more respected and recognised industry.”
