Latest RABF newsletter has been sent out to members and interested individuals

Summary
The campaign continues with the support of a number of people.  There is now clear evidence that the free for all that was hidden charges and insolvencies on a whim have been controlled to some extent.  The campaign must continue without exception to achieve robust regulation.

We have made the decision to target banks via their asset based divisions, which are a separate company, but wholly owned – The likes of Lloyds Commercial Finance hide behind this ‘we are not part of Lloyds’ – so they become judge jury and executioner with their clients, with some real horror stories.

We wrote to Andrew Bailey the CEO of the Prudential Regulatory Authority (PRA) – We were pleasantly surprised with the reply as it pointed the campaign exactly in the direction that is required to regulation via Parliament.

We are presently working with an MP on an Early Day Motion to get the issue of abuse within the factoring industry to every MP, as they all get a copy of the EDM.  The Government must reply the motion even if it is not debated.

In the summer we met the special advisors to the Minister in BIS to explain what is going on in the factoring industry and how wide spread the abuse is.  They were clearly moved by our case studies and the weakness in the regulatory frame work.  I would like to thank publically the other four people who represented the Group giving their time up freely.

The Treasury Select committee ripped Martin Morrin, the Chairman of ABFA to pieces during the summer as the issue of a factoring industry finally got recognised by Parliament.  The industry was forced into a humiliating admission that its own code of conduct was only agreed as the minimum the members of ABFA would sign up too.

We continue to work with a number of individuals assisting them with their problems brought about by greed from their former factoring.

We continue to work with James Hurley who has moved from the Telegraph to the Times.

Our special thanks has to be extended to Brooks Newmark MP who without his support the campaign would have struggled at Parliament.

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