Your NACFB Chair, Paul Goodman, looks ahead to what 2022 will bring.
Behind us is another tumultuous year. Who would have thought we would still be in this position? Another year of challenges, uncertainty, and factors out of all our control. That said, there is an incredible amount that we can be proud of.
It was another year that despite everything, the Association grew its national profile. Last year, NACFB Members introduced a staggering £40.9 billion to commercial lenders, up 50% on 2020. Being able to evidence the value of the intermediary-led route to market doesn’t just provide the NACFB with a seat at the table of important conversations, it gives us a clear voice. We continue to forge stronger and deeper relationships within Government, the British Business Bank, the Bank of England, and the FLA. We will engage with any stakeholder that needs to know more about the essential work you, as NACFB Members, undertake.
No doubt 2022 will continue to throw up challenges but your Association has bold ambitions. This year will see the NACFB build on its fantastic array of products and services whilst moving into new areas.
To sustain this growth the right leadership team is critical. That is why; at the last AGM, we welcomed new faces and experience to the NACFB Board of Directors. The virtual election saw Gary Cain (Reach Commercial Finance), Amanda De Courcy (ADC Financial), and Kim McGinley (VIBE Financial Services) become NACFB Directors for the first time. A very warm welcome and huge congratulations to all three.
The new Directors join Mike Deacon (Asset Based Finance & Leasing), Mike Geddes (Asset Finance Solutions UK), Phil Gray (Watts Commercial Finance), and Steve Olejnik (Dovecote Property Finance) who were re-elected to their positions. Further, a three-year extension was approved for Independent Director Lieutenant Colonel Russell Lewis MC and a one-year extension for Finance Director David Newborough.
Whilst the NACFB remains a Member first organisation, the decision to have lender presence on the Board has proven to be the correct one. This invaluable input will become even more important over the coming year. I am pleased to welcome two new Patron Directors: Nick Baker (Allica Bank) and Andy Taylor (Haydock Finance). They replace Martine Catton (Just Cashflow) and Dave Furnival (NatWest) who have completed their respective terms. We are indebted to them both for the insight and invaluable guidance they have brought to the Association over their tenure.
This refreshed Board will regularly assemble to tackle the problems affecting you and your business.
The next steps
The number one priority for the Board and the Association is Professional Indemnity Insurance (PII). PII remains important and necessary not just for you, but also for the clients you serve. Unfortunately, we have all been impacted by changes in our PII market. Behind the scenes, we have been working tirelessly on this and we are close to sharing some positive and exciting news that will benefit our Members, the Association, and the industry. This news should see Members benefit exclusively from not only greater coverage but also considerably cheaper premiums. We will share more detail very soon.
Together we can build upon our many successes of the last year. The Association provides a growing range of benefits, tailored to the modern finance professional. Regulatory advice, bespoke documentation, daily news insights, exclusive business support, and a full calendar of events, are just a fraction of what is available. Please keep using the benefits that come with your membership and please keep engaging with us. We are here for you, and we are proud to serve you.
I know that we will continue to go from strength to strength. This year will be exponential for the Association and its Members. We have the right team to deliver another year of outstanding performance with some incredibly exciting initiatives on the horizon. Please come with us.