Standards Framework Summary
A framework for the asset based finance industry in the United Kingdom and the Republic of Ireland has been in operation since 2013. The framework comprises three key components:
- The ABFA Code and supporting Guidance;
- An independent Complaints Process; and
- A Professional Standards Council.
The ABFA Code, together with the supporting Guidance, sets and promotes standards of best practice and professionalism for ABFA Members. Complementing the Code, the Complaints Process provides an independent mechanism available to clients who believe they have been treated unfairly by a Member of the ABFA.
The Professional Standards Council (PSC) oversees the ABFA Code, Guidance and Complaints Process and ensures that they are up to date and effective. The PSC is also charged with making appropriate recommendations to protect and enhance the reputation of the industry. The chairperson of the PSC is independent of the industry and the majority of the members of the body are also independent.
The Members of the ABFA have supported many hundreds of thousands of businesses in the United Kingdom and the Republic of Ireland over the last 50 years. The overwhelming majority of client businesses are happy with the services received from ABFA Members. In a small minority of cases, however, a client may feel that they have been treated unfairly by an ABFA Member. Where that happens it is important to have in place a clear set of principles and an independent process through which concerns can be investigated and adjudicated upon.
This framework provides current and future clients with further confidence in asset based financing. It is a positive evolution for the industry and is a reflection of how important the industry is in supporting the UK and Irish economies.
Standards Framework Overview Document
ABFA Code (Effective from January 2016)
Detailed ABFA Guidance (Effective from January 2016)
ABFA Code (Previous version July 2013)
Detailed ABFA Guidance (Previous version July 2013)
Complaints Process Document
Complaint Process Map
Frequently Asked Questions