BIS are going to promoting unregulated factoring and invoice discounting as a safe alternative to regulated banks with their Alternative Lenders intiative - They would be better to promote the 'regulated' pay day lending industry as a safe (and cheaper) alternative.
the lobby will take place at 1:30pm on Tuesday 31st March
Address: (just up from Parliament)
Department of Business, Innovation
& Skills (BIS)
1 Victoria
Street,
London
SW1H
0ET
Contact Brian Moore - Spokesperson Campaign for the Regulation of Asset Based Finance 07825050704
Campaigners will be out in force demonstrationing at BIS tomorrow - come on along and show you support.
In what is expected to be a high profile vocal demonstration officials
at the Department will be left under no illusion the problems faced by
solvent clients of of the factoring/ invoice finance industry when they are forced
into insolvency for their assets - which the asset based lender keep at the expense of HMRC!
For more information contact: BIS@rabf.org.uk
the lobby will take place at 1:30pm on Tuesday 31st March
As numbers grow for the RABF campaigners for the lobby of BIS - serious
questions are being asked how a situation has raised where the Government will
be encouraging SMEs to use unregulated finance companies that a conman could set up to defraud them.
The Government unregulated alternative finance intiative will lead to solvent companies being forced into insolvency for their assets by factoring companies
Campaigners will be demanding answers when they confront BIS officials to
answer awkward questions why they are promoting alternative finance providers
who have grown fat by closing solvent companies and siphoning off their assets
that should have gone to HMRC
RABF Campaigners will be pouring into London from all over the UK on Tuesday March 31st to lobby the Department of Business, Innovation & Skills (BIS) to get robust regulation of asset based finance.
Asset based lending (factoring & invoice discounting) come under the control (or lack of) BIS. At present the industry is covered by the Sale of Goods Act 1979 - which to put it bluntly is charter for fraud.
Martin Donnelly
HMRC and unsecured creditors continue to be the main victims of the forced insolvency of solvent companies by factoring companies for their assets.
For more information contact: BIS@rabf.org.uk
the lobby will take place at 1:30pm on Tuesday 31st March
A government scheme requiring banks to refer small firms rejected for
loans to alternative finance providers should be up and running by next
year, the managing director of the British Business Bank said.
The scheme is part of government plans to encourage lending to small businesses and fill a hole left by Britain's biggest banks scaling back lending to bolster capital and meet tougher regulatory rules following the financial crisis of 2007-9.
"We will
definitely want to have something in place by 2016. The banks need to
implement it and we need to get the systems right. It's better that the
system is implemented well than we rush it," Andrew Van Der Lehm,
managing director of the British Business Bank, told Reuters.
Britain's finance ministry said last year that it would require 10 banks including Royal Bank of Scotland,
Barclays, Lloyds Banking Group and HSBC to offer businesses whose loan
applications they have rejected a referral to alternative finance
providers.
ADMIN: HAVE THE GOVERNMENT NOT LEARNED THAT THE 'REGULATED' BANKING SECTOR WAS OPEN TO WIDE SPREAD ABUSE - THE UNREGULATED SME FINANCE SECTOR IS OPEN TO WIDESPREAD FRAUD
As anger continues over the treatment of solvent SMEs by their factoring provider - business owners are planning to have their voice heard at the lobby of BIS on March 31st.
We simply cannot continue with factoring company after factoring companies business plan based around termination fees ripping off unsecured creditors and HMRC by forcing their client into insolvency.
Members of RABF and the Close Brothers campaign group are planning to to attend the lobby of Business Skills and Innovation on March 31st (1st day of the General Election).
If you would like to come please contact BIS@rabf.org.uk
Martin has extensive economic and international experience, he:
joined the FCO Board in 2004 as Director General, Europe and Globalisation, where he was G8 foreign affairs sherpa
was the Deputy Head of the Cabinet Office European Secretariat,
leading work on European economic reform for the government between 1998
and 2003
has been a member of the personal staff of Leon Brittan, then
European Commission Vice President, and been on secondment to the French
Finance Ministry
Martin has worked on policy across Whitehall. He was Policy Director
of the Immigration and Nationality Directorate at the Home Office and
led the Treasury team controlling defence spending and managing European
monetary issues. He also served as Private Secretary to the Financial
Secretary to the Treasury and the Secretary of State for Northern
Ireland.
Permanent Secretary
The Permanent Secretary is the permanent head of the department
The role bears responsibility for overseeing the workings of the
department, officials’ conduct and, as the accounting officer, the
financial propriety of BIS.
We are a demonstrating outside The Department for Business, Innovation & Skills (BIS) on the first day of the General Election campaign to highlight the rampant fraud in the factoring industry of HMRC. While doing so we will also point out there are some excellent providers within the industry. We will be looking to speak to Martin Donnelly is the Permanent Secretaryand to give him a letter for the incoming Minister.
March 31st - for more information contact BIS@rabf.org.uk
Some of the key conclusions and recommendations contained in the report include:
1. Mis-sale of Hedging Products and the FCA’s IRHP review
2. Tailored Business Loans and Clydesdale Bank
3. Competition
4. The role of the regulators
5. RBS and GRG
Andrew Tyrie MP - Chairman of the committee
Getting the issue of assset based lending heard by the committee was our objective and that achieved.
This parliament was about information - the next Parliament is about changing the regulatory frame work - which the PRA has been very helpful to this campaign.
The Prudential Regulation Authority (PRA) is a part of the Bank of
England and responsible for the prudential regulation and supervision of
banks, building societies, credit unions, insurers and major investment
firms. It sets standards and supervises financial institutions at the
level of the individual firm. For the full report: http://www.parliament.uk/business/committees/committees-a-z/commons-select/treasury-committee/news/sme-lending1/
An employee of a law firm has been charged with fraud by abuse of position.
According to Sussex Police, law firm employee, Emma Margaret Coates, 45,
of West Street, Selsey, has been charged with fraud by abuse of
position. She is currently released on bail.
Kate McMahon - Edmonds Marshall McMahon
The police force added that the allegation involves the misappropriation
of around £85,000 from an estate between January 2013 and November
2014.
She is understood to have worked at Selsey-based law firm Coates and Co.
Ms Coates is set to appear at City of London Magistrates Court on the 26th March.
More on this story as it unfolds: http://www.bridgingandcommercial.co.uk/article-desc-4729_police-charge-law-firm-employee-#.VQGLgizFLLU
ADMIN: AS MOST SMEs CONTINUE TO STRUGGLE IT IS INTERESTING TO SEE HOW MUCH THE CEO OF ABFA EARNS.
Job description - CLOSED
SW London Up to £150,000 p.a. (package) Permanent
The
Asset Based Finance Association (ABFA) is seeking to appoint a new
Chief Executive Officer to replace the current incumbent who departs in
April.
The role holder will provide a high level of
strategic leadership to the Association, which represents the interests
of the Invoice Finance & Asset Based Lending industry in the UK and
Republic of Ireland and whose members provide over £35bn of financial
support to UK and Irish businesses.
Reporting to
the ABFA Chairman and the Executive Committee, the role holder will be
expected to develop, articulate and promote the value of the industry
and ensure the Association, through its small specialist team provides
effective support to key stakeholders including the Members and
Affiliates of the Association.
The successful
applicant will be responsible for the ongoing development of the
self-regulatory ABFA Code and Guidance and act as the key conduit
between the ABFA Executive Committee and the Professional Standards
Council.
Candidates will be likely to have:
a wide perspective on issues currently facing SMEs and Corporates
experience
of working at senior levels, ideally but not exclusively, in the
invoice finance/asset based finance or banking industry
experience
of working with and managing senior relationships across a variety of
business and regulatory disciplines including, for example Trade Bodies,
Government and Media
an in depth working knowledge of the
invoice finance/asset based finance industry, including an understanding
of the economic benefits attaching and the legal and regulatory
environment
Chair of BBC’s governing body was chair of HSBC’s audit committee at
time covered by HSBC files, but has had no discussions with journalists
about coverage (ADMIN: WHAT INFLUNECE DOES THE CHAIR HAVE OVER THE CAREERS OF BBC MANAGERS AND JOURNALISTS?)
The BBC Trust has defended its chairwoman Rona Fairhead after it emerged that she was paid £513,000 by the scandal-hit bank HSBC last year.
The corporation’s governing body insisted that Fairhead has had
“absolutely no discussions” with BBC journalists about its coverage of HSBC, where she has been a non-executive director since 2004.
Fairhead, who was also chair of HSBC’s audit committee at the time
covered by the leaked HSBC files, has declined to respond to questions
about how much she knew about activities at the bank’s Swiss subsidiary.
HSBC’s annual report, released last week, shows that Fairhead was paid a total of £513,000 by the bank last year.
The remuneration includes £334,000 for being non-executive chair of
HSBC North America Holding and a further £19,000 of benefits, including
travel expenses for attending meetings. She also owns about £436,000
worth of shares in the bank.
Fairhead is no longer chair of HSBC’s audit committee but continues to juggle a role at HSBC with her BBC duties, currently serving as chair of the bank’s North American division.
If ever there was one company that summed up the rotten dark side of asset based lending, then that has to be Pulse Cashflow Finance which has the ethics of bottom feeder that likes to gorge on the misery of others!
The home page of their web site does not promote what is best about Pulse - Just what you can earn as an introducer (if you have no morals)!
Toni dare - Managing Director
"Reward comes from seeing others succeed in the work place and clients
flourish from our unique product offering and deal structuring” Toni Dare ADMIN: DO YOU NOT MEAN TEMINATION FEES?
We are lobbying BIS on the first day of the General Election campaign to highlight the abuse of SMEs and to get the Government to bring the asset based lenders under the control of the PRA.
More information will be following - Please contact lobby@rabf.org.uk
