Tiuta backs bridging lender trade body

13 May 2008

The firm is fully behind the launch of the ASTL and wants it to increase transparency in order to enhance consumer confidence.

Tiuta is looking for the ASTL to reflect best regulatory practice, promote adherence to Treating Customers Fairly and work with major regulatory and lending bodies to represent bridging lenders, while respecting their competitive individuality.

Gary Booth, chief executive of Tiuta, says: “The launch of the ASTL is great news for the short-term funding industry and will help to provide transparency in the sector. It will also deliver a degree of confidence to those consumers considering a bridging loan as a funding option.

“We are looking for the ASTL to work with the Financial Services Authority so that our conditions are at least as good as those imposed under the FSA rule book. And should bridging finance be regulated in the future, the transition will be a seamless one for those organisations that have joined the ASTL.”

Adrian Bloomfield, chief executive of the ASTL, adds: “The ASTL is the first association in the UK to focus solely on the short-term lending market and is already attracting some of the most respected lenders in the sector who wish to be part of the association.

"Our goal is to promote good practice among members while adhering to the true spirit of TCF.”