Nice Loans.co.uk > News > Loans Body Restructures
FISA Board to Restructure
The board is to undergo restructuring at the The Finance Industry Standards Association(FISA)
If you didn't know, FISA is a loans industry trade body, originally setup by a group of the larger loan lenders to ensure standrads of operation and compliance across loan brokers providing their products.
FISA exists to police the operations of it's members, who comprise most of the loan brokers and providers in the UK. FISA membership is not compulsory, although most brokers are members - it would be seen to be difficult to promote the products of the sponsoring lenders without signing up to "their" standards body. FISA also provides training courses and certification of staff involved in the selling of loans.
FISA has come under pressure recently to update it's practices and there have been calls for the potential conflict of interest situations that exist where FISA board members are also engaged in prominent positions in the Association of Finance Brokers (AFB) to be resolved. Also FISA is accused of acting slowly in the area of PPI (Personal payment Protection) where the undustry is seeing many changes and new guidance is expected from FISA.
Loan brokers have complained in the past about their status within FISA, so the new structure, which will see equality on the board between loan lender representatives and loan broker representatives, will be seen as a positive step.
Earlier this year, Freedom Finance announced it would not be supporting FISA in the future, as it viewed the body as offering little support to loan brokers, preferring to back the newly formed AFB as the broker's industry voice. Freedom Finance's website displays the logo of the AFB on it's homepage but not that of FISA.
Copyright © 2007 Nice Loans - The Cheap Loans Provider
