Second-charge data opens industry to scrutiny

The Association of Finance Brokers has announced cross industry agreement on the launch of authoritative sales data for the secured loans industry that will include the volume and value of loans sold in the previous quarter, requests for possessions and possessions completed, together with figures on payment protection insurance sales. AFB broker members will also be providing details on their PPI sales.

Robert Sinclair, director of the AFB, said: “We want to open the market up to greater scrutiny and demonstrate how many people do benefit from our industry and what we are doing to ensure they are treated fairly.

“AFB will also start a confidence index with its main broker members. The purpose of this is to measure how the largest firms see future business levels over a three and 12 month range.”

Sinclair added: “I am extremely pleased that we have been able to gain agreement for this initiative from the main lenders and brokers in the industry. It is a central part of us developing more cohesive and mature businesses. We want to demonstrate to government, and the regulator, that we have a lot to contribute to the consumer and the wider economy.

The AFB will be receiving the first set of data at the end of March and will be publishing the results by the end of April.