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INFORMING • ENGAGING • SETTING STANDARDS

ABFA CODE, PROFESSIONAL STANDARDS & COMPLAINTS FRAMEWORK

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A new self-regulatory framework for the asset based finance industry
in the United Kingdom and the Republic of Ireland is in operation from 1 July 2013.

The framework comprises three key components:
• A revised ABFA Code and supporting Guidance;
• An independent Complaints Process; and
• A Professional Standards Council.

The framework demonstrates the standards that clients and prospective clients should expect from Members of the ABFA. 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.

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Standards publications

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.

Publications relating to the code can be downloaded at the links below

Code
Code guidance
Complaints Process
Complaints Process Map
Frequently Asked Questions
Ombudsman Services Annual Report
Overview