Why your brokerage should be a member of NACFB 

Are you looking for a way to take your commercial finance brokerage to the next level? Do you want to access more lenders, more products, and more opportunities for your business and your clients? Do you want to benefit from the support, guidance, and recognition of the UK’s largest trade body for commercial finance brokers? If you answered yes to any of these questions, then you should consider becoming a member of the National Association of Commercial Finance Brokers (NACFB). 

The NACFB is the UK’s leading independent trade body for commercial finance brokers. By the end of 2022, NACFB had amassed 2,300 member brokers with 160 patron members across the country, who collectively sourced over £45 billion of funding for SMEs that same year. By joining the NACFB, you can boost your brokerage’s growth and success by finding the best deals for your clients, ensure regulatory compliance, improve your skills and knowledge, build relationships with lenders and peers, and gain exposure and recognition in the industry. 

Let’s explore each of these benefits in more detail and reveal why joining the NACFB is a smart move for your brokerage. 

Access to lenders 

One of the main benefits of being a member of the NACFB is that you can access over 140 lenders across various sectors and products, including niche and specialist lenders that may not be available elsewhere. This gives you a competitive edge in the commercial finance market, as you can offer your clients more choice, flexibility, and value for their funding needs. 

Whether you are looking for asset finance, invoice finance, cashflow finance, unsecured finance, commercial mortgages, buy-to-let mortgages, property development finance, bridging loans, or any other type of commercial finance, you can find a suitable lender through the NACFB. You can also access the NACFB’s Patron Directory, which provides you with detailed information about each lender’s products, criteria, and contact details. 

By accessing more lenders through the NACFB, you can benefit your brokerage and your clients in several ways, such as: 

• Finding the best deals: You can compare different lenders and products to find the best fit for your clients’ circumstances and requirements. You can also negotiate better terms and rates with lenders who value your NACFB membership and trust your professionalism. 

• Saving time and money: You can save time and money by using the NACFB’s online portal to submit enquiries and applications to multiple lenders at once. You can also avoid wasting time and money on lenders who are not suitable or interested in your clients’ cases. 
• Diversifying your income streams: You can diversify your income streams by offering your clients a wider range of products and services that meet their diverse needs. You can also cross-sell and upsell different products to your existing clients and generate more referrals from satisfied customers. 

Compliance Support 

Another benefit of being a member of the NACFB is that you can access a range of compliance support services and resources, such as: 

Template documents: Access and download a vast suite of template documents to adapt to your business, such as terms of business, privacy policy, disclosure documents, suitability letters, and more. These documents are designed to help you comply with the relevant regulations and standards in the commercial finance industry. 

Minimum standards reviews: Undergo regular minimum standards reviews (MSR) by the NACFB compliance team, who will assess your compliance performance across six categories and 81 individual observations. These reviews will help you identify and address any gaps or issues in your compliance processes and practices. 

General advice: Contact the NACFB compliance team for support with any general compliance queries and regulatory matters, such as FCA authorisation, consumer duty, data protection, anti-money laundering, and more. The team will provide you with guidance and advice to help you comply with the rules and expectations of the regulators and the NACFB. 

Consumer duty hub: Access the NACFB’s consumer duty hub, which is a dedicated online resource to help you understand, implement, and embrace the FCA’s consumer duty. The consumer duty is a new set of rules and guidance that aim to ensure that firms provide a higher level of consumer protection in retail financial markets. 

News and analysis: Access regular news and analysis on compliance and regulatory topics relevant to your business and the wider commercial finance community. You can also subscribe to the NACFB’s newsletters and magazines to stay up to date with the latest developments and changes in the industry. 

By accessing these compliance support services and resources through the NACFB, you can benefit your brokerage and your clients in several ways, such as: 

Ensuring regulatory compliance: You can ensure that your brokerage meets the requirements and expectations of the regulators, such as the FCA, HMRC, ICO, and others. This will help you avoid any fines, penalties, or sanctions that could harm your business and reputation. 

Reducing risk and liability: You can reduce the risk and liability associated with your brokerage activities, such as lending advice, data processing, money laundering prevention, and more. This will help you protect your business and clients from any potential losses, claims, or disputes that could arise from non-compliance. 

Enhancing trust and reputation: You can enhance the trust and reputation of your brokerage among your clients, lenders, peers, and regulators. This will help you attract more business, retain more clients, build more relationships, and gain more recognition in the industry. 

Access to professional development communities 

Another benefit of being a member of the NACFB is that you can access various professional development opportunities, such as: 

Industry updates: You can access regular news and analysis on topics relevant to your business and the wider commercial finance industry. You can also subscribe to the NACFB’s newsletters and magazines, such as Commercial Broker and Commercial Reporter, to stay up to date with the latest trends, changes, and opportunities in the market. 

Seminars and workshops: You can attend seminars and workshops hosted by the NACFB or its partners, covering various aspects of commercial finance, such as products, sectors, regulations, best practices, and more. These events are designed to help you improve your skills and knowledge, network with lenders and peers, and earn CPD points. 

Online training programmes: You can access hundreds of online training programmes through the NACFB’s online portal, covering topics such as compliance, sales, marketing, customer service, leadership, and more. These programmes are designed to help you enhance your competence and professionalism, learn at your own pace, and earn CPD points. 

Broker Academy: You can join the NACFB’s Broker Academy, which is a partnership with the Chartered Management Institute (CMI), to gain a recognised qualification in commercial finance broking. The Broker Academy is designed to help you raise your standards, improve your quality, and attract new talent to your business. 

By accessing these professional development opportunities through the NACFB, you can benefit your brokerage and your clients in several ways, including: 

• Staying up to date with the industry trends and changes that affect your business and your clients’ needs. You can also anticipate and adapt to the evolving market conditions and opportunities. 
• Improving your skills and knowledge in various areas of commercial finance, such as products, sectors, regulations, best practices, and more. You can also demonstrate your competence and professionalism to your clients, lenders, peers, and regulators. 
• Demonstrating your commitment to continuous learning and improvement by earning CPD points and qualifications. You can also showcase your credentials and achievements to your clients, lenders, peers, and regulators. 

Networking Opportunities 

Another benefit of being a member of the NACFB is that you can access various networking opportunities that can help you grow your brokerage and delight your clients. For example, you can attend events hosted by the NACFB or its partners, such as the NACFB Commercial Finance Expo, the NACFB Summer Party, the NACFB Commercial Broker Awards, and the NACFB Patron Awards and Gala Dinner. These events are designed to help you meet and mingle with lenders and peers, showcase your achievements, and celebrate the industry. You can also enter or nominate yourself or others for awards hosted by the NACFB or its partners, such as the NACFB Commercial Broker Awards and the NACFB Patron Awards. These awards are designed to help you recognise and reward excellence, innovation, and professionalism in the commercial finance industry. 

Furthermore, you can join forums hosted by the NACFB or its partners, such as the NACFB Broker Forum and the NACFB Lender Forum. These forums are designed to help you share best practices and insights, discuss challenges and solutions, and influence policy and decision making in the commercial finance industry. You can also subscribe to newsletters hosted by the NACFB or its partners, such as the NACFB Broker Bulletin and the NACFB Patron Bulletin. These newsletters are designed to help you stay informed and connected with the latest news, updates, and opportunities in the commercial finance industry. 

Accessing these networking opportunities enables you to build relationships with lenders and peers who can support your business and your clients’ needs. You can also establish trust and credibility with your network by demonstrating your expertise and professionalism. You can share best practices and insights with lenders and peers who can help you improve your skills and knowledge. You can also learn from others’ experiences and perspectives by listening to their stories and feedback. You can gain exposure and recognition for your brokerage and your achievements by attending events, entering awards, joining forums, and subscribing to newsletters. You can also enhance your reputation and brand awareness by showcasing your credentials and success stories. 

If you are looking for a way to take your commercial finance brokerage to the next level, then you should consider becoming a member of the NACFB. By joining the NACFB, you can boost your brokerage’s growth and success by finding the best deals for your clients, ensuring regulatory compliance, improving your skills and knowledge, building relationships with lenders and peers, and gaining exposure and recognition in the industry. 

If you are interested in joining the NACFB or want to find out more about what they do, visit their website. It is also worth noting they had their 2023 Commercial Finance Expo recently – Wednesday 14^th June 2023 to be precise – where Nucleus was exhibiting. We had a stand where some members of our friendly team were available to meet and discuss our innovative lending solutions. Watch some of the highlights from this year’s show here and get in touch with our team today to learn more about our funding solutions.