Secured Loans Self Regulator calls in Consultants
Finance Industry Standards Association (FISA), the voluntary self-regulatory body for the secured loans industry, has called in Consultants to review its market position. FISA has appointed management consultants Impact Plus. Adam Dawson, senior manager at Impact Plus, says he will be looking for both intellectual and processing niches where FISA could play a more active roll and that he will be benchmarking numerous functions of the organisation with an impartial assessment of traditional FISA activity together with an evaluation of the perception from both members and prospective members.
Bernard Barwick, chairman of FISA says: “I firmly believe that it is our duty to support secured loan lenders and brokers with expert and robust support and guidance. This is a billion pound industry and our role brings with it a strong responsibility, which we will not shirk.
“We are continually consulting with our members about the role that they want and expect FISA to play in the future. However, we’re mindful that this is an internal view and we recognise the tremendous value in overlaying this with an expert external perspective. This will enable us to formulate effective plans for the future.”
The thing that is interesting about this story is that it could be pre-emptive of some sort of action by the OFT or FSA that FISA may have got wind of.
