The Finance Industry Standards Association (FISA) will shut in April, it has announced.
The Association of Finance Brokers (AFB) says it has been in discussions with FISA to ensure support remains in place for all secured loan intermediaries, with FISA brokers offered free membership of the AFB for six months.
"The demise of FISA is a reflection of how badly the economic downturn has impacted on our sector," says Robert Sinclair, director of the AFB. "However, brokers can be reassured that AFB remains in place to protect their interests.
"We are offering membership to all FISA brokers that are not at present members of AFB. We have also been working closely with FISA and the Finance and Leasing Association to agree how to best represent the industry with Government and the regulator."
He adds: "We will continue to lobby for a better, more respected and recognised industry. AFB members are fortunate to come under the respected banner of its sister organisation the Association of IFAs (AIFA). This link provides essential support and influence for AFB and its members."IFAonline
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