Regulatory transition for the short term industry is on the horizon and ahead of these adjustments the Association of Short Term Lenders (astl) - one of the key trade bodies servicing the sector - has gone through some significant changes over the past six months, signalling a revitalised Association in time for the new regulator.

B&C has pulled together some of the Association’s biggest headlines from 2012 so far. We also look ahead to the future, to see what’s next for the astl…

Back in February, the announcement that the astl’s then Chief Executive Officer, Adrian Bloomfield, was to resign from his position after five years prompted speculation amongst the industry about who would take over his role. The announcement came around the time that Precise Mortgages decided to withdraw its membership. 

Despite the previous month’s news, the astl continued to take on new members during March. The Association announced three new associate members had joined - Sneddons Solicitors, alternative lender borro and Connaught Asset Management - reflecting the growth in activity within the short term sector. The total number of associate members grew from 16 to 19.

April saw the astl invite applications to fill the role of CEO, looking for an individual who would drive the Association forward, proactively implement policies and represent the Association to regulators, the government and other trade bodies.

During the recruitment drive, an internal email from Adrian was leaked which confirmed unpaid membership fees and a “diminished” value of its data due to members failing to submit statistics. An executive committee member did however state that, “The data nonetheless gives a good picture of an informed cross section of the short term lending industry.”

New members continued to join the Association in May, with NCI – provider of specialist field services - taking the total number of associate members up to 20.  

After much anticipation, the new CEO was announced in June. Taking the reins from Adrian, a former Director of bridging lender Cheval, Benson Hersch, joined the astl after a total of 14 years in the bridging industry. He currently works on a consultancy basis for Cheval.

In his first interview as CEO, Benson confirmed: “One of my first tasks is to consult with members in order to ascertain what they want from their organisation.”

The quieter summer months have provided an opportunity for Benson to do just that. He is currently in the midst of visiting all astl members in order to get an idea of the key issues affecting the short term sector and find out exactly what they want from their Association.

B&C was told that a new executive committee will be voted upon in the coming weeks; members are able to nominate themselves or another member. A strategy for the next few months will be decided upon in early September once the new executive committee is in place and Benson has visited all members.