Regulator was right to ban directors of short-term lender

On behalf of the Association of Short Term Lenders, the trade body which represents short-term lenders, I would like to say we feel the regulator acted appropriately in fining and banning directors of Bridging Loans (Mortgage Strategy November 4).

The firm was not a member of the ASTL and as a trade body that promotes best practice, we support the Financial Services Authority’s actions in this matter.

The FSA has a responsibility to ensure that all financial services providers act within the regulatory environment prescribed including of course all short-term lenders. Working together with the FSA we can help improve compliance for short-term lenders to meet the necessary standards.

We continue to welcome as new members short-term lenders that share the values and ambitions of the ASTL.

Adrian Bloomfield
Association of Short Term Lenders