The Information Register, as it has been called, is soon set to be introduced, with the chief executive of the ASTL, Adrian Bloomfield, estimating that it would only be a matter of weeks before it is up and running.

As fraud levels continue to rise and more cases come to light amidst the downturn, the Information Register has been created as a simple way to stop prolific fraudsters and organised criminal rings of professionals from targeting the short term finance sector.

Designed to be used only by members of the ASTL, the register will be hosted on a secure site, and members will need a specific username and password to access it.

Explaining how it will work, Mr Bloomfield said: “In the instance that someone is detected as being engaged in fraud affecting one of our members, the member will notify the ASTL and we will add the incident to the register. The record will show that this member has reason to make mention of a certain company or individual, or a broker or solicitor, in connection with a particular incident.”

Although it is not believed that the register will contain “vast numbers”, it is expected to be a valuable and effective tool to prevent fraud, with bridging lenders who are members of the ASTL able to search it by name, company or location.  

However, Mr Bloomfield remains adamant that the register will not be abused. “The register can only be accessed by members and no member will be able add an entry without coming through the ASTL.” He added. “The executive is mandated by the board of the ASTL to operate the register extremely carefully.”