About the ABFA
Informing • Engaging • Setting Standards
The Asset Based Finance Association (ABFA) is a not for profit, UK-based Trade Association representing an industry supplying much needed liquidity to UK and Irish businesses. Our Members provide Factoring, Invoice Discounting and Asset Based Lending. The ABFA's Membership comprises around 40 Members, representing about 95 per cent of the UK and Irish market providing these products.
The ABFA represents the industry in the UK and Ireland and works closely with other organisations around the world. It sets and enforces standards within the industry, informs and engages stakeholders outside the industry, and provides education and training to those within.
As a membership association The ABFA's culture centres around our Members being actively involved in our direction and strategy. As a trade association, we bring together providers of asset based finance and others to discuss issues of industry-wide importance. All Members are encouraged to participate in the various activities, events, sub-groups, and regionalised activities.
ABFA members may compete directly with each other as both the providers and recipients of services. Even though each member has its own responsibility to comply with European and UK competition laws, ABFA also has to ensure that as an association its meetings and activities do not break these laws. When attending Association meetings and functions Members and their representatives must at all times respect the limitations of the competition law rules, and in particular the Competition Act 1998 and the Enterprise Act 2002. Click here to view the ABFA Competition Law Rule Book.
The Association's principal objectives are:
- To promote and represent membership of the Association in a national and global environment.
- To ensure that all of the ABFA Members embrace the principle of treating customers fairly and that they maintain the highest standards of professional conduct in their dealings with clients, guarantors and/or indemnifiers.
History of the Asset Based Finance Association
What has grown to become the ABFA was founded in 1976 as the Association of British Factors (ABF). In the 1980s the Association changed, to become the Association of British Factors and Discounters and then in 1996 was merged with the AIF and the CFA European Chapter to become the Factors and Discounters Association (FDA). Then in 2007, the FDA changed to become the Asset Based Finance Association (ABFA).
Structure of the Asset Based Finance Association
The ABFA is comprised of the Chairman, Vice-Chairman and the Executive Committee who meet four times a year on behalf of the Member companies of the Association. The Chairman and Vice-Chairman are elected by the Members and serve one year each, with the Vice-Chairman going on to be become Chairman after a year in the supportive role. Currently there are 11 Members on the Executive Committee who represent a cross section of the Member companies and who are voted onto the Executive and put up for re-election by the Members once a year. The ABFA Secretariat, based in Richmond, supports the Executive Committee. The Secretariat includes seven permanent and two part-time members of staff, all reporting into the Chief Executive Officer.