Trade bodies praise CFBL's video recording revolution

A London-based bridging lender has created a new revolutionary process, which has been praised by industry heavyweights.

Speaking about the iniative CBFL’s MD Keith Aldridge commented: “To our knowledge we are the first lender in the sector to adopt this practice. After consultation with our distributors we are delighted that the initiative is being so well received.

“During the submission process for our regulated permissions it became evident that to video all our client meetings would be of significant benefit to all parties. Our training programme places great emphasis on the need for the business to be transparent at all times and this appeared an excellent way of evidencing this to all parties. Of course for it to be transparent the disclaimer that the client signs ahead of the meeting makes it very clear that the recording is available for their use if ever required.”

Commenting on the practice, Rob Jupp, Chairman of the AOBP, said: “The Association welcomes such initiatives. In recent years CBFL has been at the forefront of the short term funding sector and this highlights their commitment to helping the sector become more accountable and provides full disclosure for all parties. I am sure others will follow.”

Benson Hersch, CEO of the astl, added: “Capital Bridging is an active member of the association and initiatives like this; that will improve the training of their staff and give confidence to their distributors and clients; are very much part of what the association encourages and are our principles which are embraced in our Value Charter.”

Compliance consultant, Ray Cohen of Jackson Cohen Associated: “Although not a requirement, by videoing the meeting Capital Bridging will be able to demonstrate that it has not breached the MMR rules as it will not have carried out an interactive sales process and no advice will have been given. Any information provided by the customer in the meeting with regard to the intended exit will also be able to be used towards the evidence of assessing its viability.”

Last month, CBFL confirmed that it had submitted its applications to become a regulated lender with the Financial Conduct Authority (FCA). The firm is confident that later in the year it will be able to accept regulated business and lend to a broader client base.