The Association of Finance Brokers (AFB) has launched the first set of authoritative sales data for the secured loans industry, following cross industry agreement.
The AFB will be provided with a range of data from lenders to help create an overall picture of the state of the industry.
Data includes the volume and value of loans, repossession requests and repossessions completed, and figures on the sale of payment protection insurance (PPI). The AFB’s members will also provide details of their PPI sales.
Robert Sinclair, director of the AFB, says: “The data collection service is an important step forward for the industry. We want to open the market up to greater scrutiny and demonstrate how many people do benefit from our industry and what we are doing to ensure they are treated fairly.”
Sinclair also confirmed the AFB will launch a confidence index of its main broker members to find out how firms see future business levels of a three-month and 12-month period.
"I am extremely pleased that we have been able to gain agreement for this initiative from the main lenders and brokers in the industry,” adds Sinclair.
“It is a central part of us developing more cohesive and mature businesses. We want to demonstrate to government, and the regulator, that we have a lot to contribute to the consumer and the wider economy.”
The AFB expects to receive the first data set by the end of March and hopes to publish the results before the end of April.
If you would like to comment on this story, contact:
Tel: 020 7484 9805
e-mail: [email protected]
Achievements, charity work and other happy snippets
Laughable excuses for persisting
Spent 56 years at Schroders
Warns on profits