May 2016 update and timeline

May 2016 update and timeline

An initial approach to the Asset Based Finance Association (ABFA) to make APR mandatory was rejected. ABFA is an industry body that specifies the code of conduct that covers most major, commercial, finance providers (including the biggest banks in the UK).

We thought ABFA were wrong to reject this for several reasons, and following a meeting with the campaign they have subsequently agreed to raise the matter with their Executive Committee and Professional Standards Council.

 

APR4SMEs Update: Our response to ABFA

APR4SMEs Update: Our response to ABFA

Since last we covered the topic, we have been busy spreading the word about the APR4SMEs campaign. Growth Street CEO James Sherwin Smith has been corresponding with Jeff Longhurst, CEO of ABFA outlining the arguments for an APR for SME. After initially agreeing with the merit of more disclosure in commercial finance, James received a vague response, supported by ‘facts’ with no substance.