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. Please contact the ABFA on [email protected] for more information.

More on the framework is available here. An Overview document can be downloaded here.

ABFA Code

A revised ABFA Code is in effect for ABFA Members from 1 July 2013.

The Code sets out the key commitments that Members must meet in their relationships with clients and other parties. ABFA Members commit to treating their clients fairly and responsibly, and to operating with integrity at all times. They also commit to being timely, transparent and unambiguous in their dealings with clients.

The Code is principles-based rather than prescriptive. It is supported by more detailed Guidance. Both are available to download below.

DOWNLOADS
Code
Code Guidance

Professional Standards Council

The Professional Standards Council (PSC) oversees the ABFA Code, Guidance and independent Complaints Process, ensuring 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 PSC is independent of the ABFA and is chaired by Lucy Armstrong. Further details about the membership of the PSC are available at the link below.

Minutes of the PSC meetings are available here.

DOWNLOADS
Membership
Overview

Complaints Process

An independent Complaints Process is available to the majority of clients of ABFA Members from
1 July 2013.

The Complaints Process is designed to be:

Independent;
Accesible;
Focused; and
Effective

The Complaints Process is managed by an independent specialist organisation, Ombudsman Services.

Read further about the Complaints Process here. In addition, a more detailed document is available to download below, together with a Map of how the Process works.

To contact the ABFA regarding a complaint please call us on:
+44 (0)20 8334 0817

DOWNLOADS
Complaints Process
Complaints Process Map

FAQs

The answers to many Frequently Asked Questions about the ABFA Code, Professional Standards & Complaints framework are provided in the document below.

These include who can make a complaint and how to make a complaint.

DOWNLOADS
Frequently Asked Questions

INFORMING • ENGAGING • SETTING STANDARDS

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.