The recent court rulings on commission disclosure have sent ripples through the business finance broking industry, raising new challenges and expectations for brokers and funders alike. If you have been going it alone up to now it might be time to consider if the support of a network would be beneficial and if you’re part of a broker network, to assess whether your network is proactively supporting you through these changes.
At Asset Finance Solutions and Synergy Commercial Finance, we believe that the strength of a network lies in its ability to anticipate challenges, provide clear guidance, and deliver tangible support to its members. Here are some of the proactive steps we’ve taken to help our brokers adapt to the new commission disclosure requirements while continuing to thrive in an increasingly regulated market.
Compliance Updates
Our compliance team has kept brokers informed every step of the way, sending regular updates on the ruling’s implications and what they mean for our brokers business. From understanding the changes to implementing new practices, we have ensured our network is equipped with the knowledge they need.
Practical Sales and Compliance Processes
We’ve delivered clear, actionable instructions and documentation for brokers to integrate the new rules into their sales and compliance processes. AFS Compliance has designed flexible, user-friendly forms and workflows that comply with legislation while being practical for everyday use and worked with Funders towards a single set of documentation and disclosures.
Centralised Resources
To streamline access to essential information, we’ve created a Commission Disclosure Information Repository. This includes funder communications, templates, and guides, making it easier for brokers to stay organised when referencing the latest changes ensuring compliance.
Enhanced our Systems
We have enhanced the functionality, automation, and connectivity, of our online systems streamlining processes, improving efficiency, and ensuring full compliance, enabling brokers to deliver a seamless and professional service.
Training for Continued Success
In the New Year, we’re offering complimentary training workshops through for all AFS and Synergy brokers through our training partner the Finance Education Centre. These sessions will cover the skills that are essential to empowering brokers to strengthen their client relationships and remain competitive.
Time to Reflect
While some networks have gone above and beyond to support their brokers, others may have left their members to navigate these changes on their own. If your network isn’t actively helping you stay compliant, remain competitive, and grow your business, it might be time to ask:
What value are they truly providing?
At AFS/Synergy, we remain committed to the success of our brokers, providing the tools, guidance, and innovations they need to thrive in a dynamic and demanding industry. The commission disclosure ruling is a challenge, but with the right support, it’s also an opportunity to demonstrate your professionalism and build even stronger relationships with your clients.
If you want to find out more about us, please get in touch. For AFS and asset finance brokers contact Lee.Simms@afsuk.com or for Synergy and commercial brokers please contact Piotr.twaits@synergy.finance
