21/8/15
Dear Management Committee Member,
This note summarises the FLA’s work over the last month, and news of forthcoming events of particular interest to Asset Finance Division (AFD) members.
Asset Finance IT and Technology Funding Symposium: a half-day FLA symposium on IT and Technology Funding is taking place on the afternoon of Wednesday 21 October. Speakers range from Innovate UK to a member firm who has been working in this area. For more information about the symposium and to sign up, please click on this link.
The next AFD roundtable lunch: we will be holding the fourth in our series of roundtable lunches on Wednesday 2 December at 12.30. The roundtable programme is part of our ongoing AFD strategy to promote the Asset Finance industry to different customer groups. Previous roundtables have had guest speakers from the ICAEW and the Association of Corporate Treasurers. The speaker at the next lunch will be Lee Hopley, Chief Economist at the EEF. The EEF represent UK manufacturers and engineers. Addleshaw Goddard, a FLA Associate Member, has kindly offered to host the lunch. If you would like to attend, please contact Nicholas Smith – nicholas.smith@fla.org.uk
Online loan referral platforms: the Small Business, Enterprise and Employment Act gave the go-ahead for the creation of designated online platforms to which major banks can refer business customers if a loan application is not agreed. The British Business Bank has been tasked with selecting the designated platforms, which are expected to go live in quarter two of next year. The FLA has met three of the applicants to discuss their offerings and to ensure that asset finance firms are included on the platforms. All three have confirmed that they are committed to including asset finance. The NACFB has also applied for designated status. We will continue to meet applicants and discuss developments with the British Business Bank.
Enterprise Finance Guarantee Scheme: the British Business Bank is undertaking further work on the Enterprise Finance Guarantee Scheme and the possible inclusion of asset finance. We are continuing our talks with the BBB on this and will be meeting them again in September. We will keep members informed of any further developments.
Alternatives to external credit ratings agencies: the European Commission has asked ICF International to undertake a research study examining alternatives to the current credit reference agencies. ICF has asked us if any member firms would like to participate in the study by taking part in a 30 minute telephone interview. Topics they wish to discuss include how credit risk is assessed, how third parties are used, the role of regulation and the feasibility of using alternatives to credit reference agencies. If you would like to participate in please let me know via email – simon.goldie@fla.org.uk
Raising asset finance issues with policymakers: following the General Election, we are ensuring that Government Ministers and Opposition spokesmen are fully aware of the industry’s current issues. Over the last month, we have met SME Minister Anna Soubry’s special adviser, Treasury Select Committee member Stephen Hammond MP and officials in the Department for Business, Innovation and Skills. We discussed promoting asset finance to SMEs and the impact of FCA regulation on FLA member firms. We had a positive response on both issues and, in particular, the point that Government should look again at the way business lending is regulated under the consumer credit regime. Further meetings with MPs are planned in September and October.
FLA website and firm’s logos: the FLA website has now been updated to include logos and website information from our asset finance division members. Thank you to those who provided this material, which can now be found on the FLA website. If you have yet to provide your logo and URL, please send them to Nicholas Smith – nicholas.smith@fla.org.uk
£6 billion of Government support to unlock EU financing: the government has announced it will work with the European Investment Bank (EIB) to help provide more support to SMEs and Infrastructure projects. By working with the EIB and European Investment Fund (EIF) the government intends to ensure that as many UK projects and SMEs as possible are able to access financing from the European Fund for Strategic Investment (EFSI). The British Business Bank will also forge closer links with the EIF including a Memorandum of Understanding with the EIF. We are planning a roundtable with the EIF and EIB to discuss how we can work with them both to ensure greater funding of SMEs. We will inform members as soon as dates have been finalised.
Small Business Commissioner: the Government is consulting on proposals to enable smaller firms to resolve disputes with other businesses and public bodies quickly and easily without the need to go to Court. This would be accomplished through the establishment of a Small Business Commissioner whose key functions would be:
Providing information, general advice and signposting
Resolving disputes through mediation
Dealing with complaints
The FLA has already discussed these issues with BIS officials to ensure they are aware of the FLA’s Business Finance Code and that any proposals are complementary to the existing legal framework for dispute resolution and complaints handling. If you would like to discuss this matter further please contact Nicholas Smith – nicholas.smith@gfla.org.uk
Leaseurope conference: the 2015 Annual Convention of the European Leasing and Automotive Rental Industry (organised by Leaseurope) will take place on 15 and 16 October 2015 at the Hotel Cascais Miragem, Cascais, Portugal. Delegates are being encouraged to stay at the venue and a range of rooms at the Hotel Cascais Miragem and nearby Palacio Estoril Hotel have been reserved at competitive group rates. To confirm your attendance, please complete a Hotel Reservation Form, which can be downloaded from the Annual Convention website here.
Forthcoming AFD meetings:
September
Wednesday 16 FLA Autumn Drinks
Thursday 17 AFD Management Committee
Friday 18 AFD Healthcare Group
October
Tuesday 13 VAT Group
Wednesday 21 IT and Technology Funding Symposium and drinks reception
Thursday 22 AFD Risk & Fraud Group
Tuesday 27 AFD Technology & Business Equipment Group