The AFS Standard

To deliver the best levels of service we only operate with experienced individuals and only recruit brokers with at least 3 years industry experience. For those that meet the requirement, we then subject them to a strict vetting and due diligence process which comprises of:

• CV review.
• A two-tier interview process with an AFS Director to ensure a match with our core values of ethics and integrity.
• Standard DBS check.
• Full financial check and credit search.
• Commercial credit report obtained (providing trading history of previous businesses/ directorships).
• Social media and background checks.
• Two references from industry referees and/or professional bodies.
• FCA regulatory references (if previously FCA authorised).

All our network members are Appointed Representatives (AR’s) of AFS Compliance Ltd.

Once we have satisfactorily completed our own internal checks as outlined above, the information is then collated and submitted to the FCA along with the FCA’s own AR Application and Approved Person forms for their scrutinization and assessment. Only after the FCA have performed their own due diligence and then granted their approval, do we appoint a broker to our network.

With AR status, all our members are legally approved to provide regulated financial products and services as credit brokers.

AFS Compliance Ltd (part of the AFS Group of companies) has held Principal status with the Financial Conduct Authority (FCA) since 2015.

Operating with what is recognised as one of the largest compliance teams in the broker finance market, AFS Compliance is widely regarded as the most respected and knowledgeable compliance businesses in the market.

This is evidenced by independent audits, such as the annual NACFB audit, where AFS Compliance have attained their highest grade of audit recognition year on year.

We ensure that all of the AFS network are kept up to date and current with training and development, whether that be compliance, lender, product or industry knowledge with:

• A 2-3 day induction held at our head office covering ethics, business standards and regulatory compliance.
• Mandatory Continual Professional Development (CPD) consisting of up to 10 learning modules, tests and assessments per year ensuring standards and compliance knowledge are at the forefront.
• Compliance roadshows and webinars for FCA regulatory changes and updates to improve compliance understanding and competency – provided by AFS Compliance Ltd.
• Bespoke/tailored training days and courses to enhance skills and learning – provided by the Finance Education Centre Ltd.
• Lender training events, webinars and workshops ensuring product, lender and industry knowledge is kept up to date.

We maintain complete oversight and ongoing performance monitoring by:

• Compliance Audits performed by a Regional Conduct Officer (RCO) of AFS Compliance Ltd ensuring our members are adhering to our policies and procedures, abiding by the rules and regulations as defined by the FCA.
• Commercial Reviews completed with AFS Directors, focused on customer satisfaction and feedback and performance with lenders, such as approval rates/conversion rates.
• All finance deals and transactions are conducted via our own bespoke internal system. This guarantees AFS Group have oversight over all activity, safeguarding the customer by providing the right level of information in a clear format containing all the required disclosure and disclaimer information to enable the customer to make an informed decision on their finance options.
• All our members are bound by and have to abide by our AFS trading agreement and AR agreement assuring the ‘AFS Standard’ is maintained.

Finally, all our network:

• Are only awarded the ‘AFS Standard’ after 12 months of trading with us and upon completion of a clean compliance audit and a successful commercial review.
• Are members of an appropriate trade body for finance brokers.