Brightstar Financial awarded Best Practice compliance in NACFB audit

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Brightstar Financial has been handed a series of best practice commendations in a recent compliance review with the National Association of Commercial Finance Brokers (NACFB).

The NACFB compliance review was undertaken as part of an on-going exercise to ensure that NACFB members were adhering to the standards expected by the FCA in regards to regulated credit broking activities.

The NACFB has worked with brokers, lenders and the FLA to create their minimum standards guidance, which incorporate the regulatory requirements, that has been issued to all members.

The compliance review is intended to aid member firms in meeting the required standards and to give lenders the comfort that those firms introducing business are carrying out regulated and unregulated activities in a compliant manner.

Brightstar met all the NACFB’s minimum standards and given a clean bill of health as well as being awarded best practice in a number of key areas.

Particular areas of note include their proactive approach to Anti-Corruption, Bribery and Financial Crime – with a recent commitment shown in the purchasing of a new ID verification system. The Compliance Consultant also provided best in class comment on the firms Strategic Risk programme and their assurance to Treating Customers Fairly.

“The outcome of this review is testament to the culture of compliance engrained throughout Brightstar” said Elizabeth Harris, Head of Risk and Governance.

“These reviews are a really encouraging step for the industry as a whole, our customers can be assured that they are dealing with firms that are maintaining the highest professional standards. I am particularly pleased that Brightstar are performing beyond the minimum regulatory standards and that our examples of best practice will be used across the industry.”

Brightstar was assessed in the earlier round of visits as Robert Collins, Director of Commercial Finance at Brightstar, is also a director of the NACFB.

Robert has more than 25 years’ experience in the sector and has been a NACFB director since January 2015. He commented that “There were some members that had reservations about the compliance visits, but these should really be embraced as a positive way to have an independent review of your business. The alternative is to stick your head in the sand and be unprepared when the FCA review your business and that isn’t good for the firm or its customers’

“Our Code of Practice support visit program has been invaluable to many of our brokers as they adapt to the regulatory environment in which our sector is now under,” said Roger Deane, managing director, compliance services at the NACFB.

“Following the successful authorisation process we are seeking to ensure our members are fully prepared for the supervisory and monitoring stages that befall regulated businesses.

Our aim is to ensure the best brokers work with the best funders to provide sustainable quality funding in the commercial finance sector.”