Top Ten Tips to Best Practice: Tip 9

Top Ten Tips to Best Practice: Tip 9



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Every week, Adam Tyler, Chief Executive of the 

National Association of Commercial Finance Brokers

 (NACFB) gives us a handy hint for brokers’ best practice…

 

Tip 9: Getting paid


As the NACFB members and their transactions fall outside the remit of the NACFB, part of our Code of Practice is dedicated to a complaints procedure. We receive details of complaints from the Financial Ombudsman Service to deal with those that are not in the scope of their investigations.

 

Therefore, I can see where our brokers may have slipped up, which I am pleased to say is very infrequently. But when they do, it is invariably around fees and how much they do or do not want to pay. As I said last week, if a broker gets this part right, then disputes do not happen. The business customer wants value for money and as the fees can appear to be quite high, they really do need to see the added value to the transaction.

 

The NACFB Terms of Business Agreement has stood the test of time and a number of court cases, where our members have had dispute with their customers. Of course commission paid by the lenders and funders is equally important; the customer will know that you are being paid for your work, so justification is just as essential to ensure you successfully receive your due reward. 

To view all the tips so far 

click here

 

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