07 Nov

Regulatory Body Helping Small Business

Recently Laurentide attended the CAFBA AGM (Commercial Finance Brokers Association).  We have been a member of CAFBA for a number of years, it is our industry association supported by Finance Brokers and Small Business to help keep us up to date on relevant legislation, set a minimum industry standards and to lobby government with regards to our industry specific issues and regulation.

“CAFBA acts as a self-regulating body, seeking to maintain high professional standards within our membership and our industry. We do this by having a formal “code of conduct”, minimum membership requirements, education standards, disciplinary procedures to deal with any potential breach and a broker-lender agreement to assist members and financiers to form a basis for accreditation agreements” www.cafba.com.au.

The AGM highlighted the achievements of CAFBA over the past year and allowed Laurentide to connect with other brokers.  It was a great night for those who attended.

We thank all the committee members of CAFBA for working with COSBA (Council of Small Business Organisations of Australia), to defeat the NCCP 2 legislation, which was to be rolled out to small business, creating more red tape and hassles for small business trying to borrow money. 

The requirements for consumer are vastly different than for commercial and if this legislation was bought in small business would have to be extra diligent in keeping their financial information up to date.

Luckily though the government has seen reason and at this stage NCCP 2 has been put on the back burner. CAFBA has made its intention clear that it will continue to be a watchdog for proposed changes that threaten the ability for Small Business to access finance through the Broker and Finance Industry.

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