meeting with senior Government officials

Representatives of RABF including a major IP firm, broker, forensic accountant and 'victim' met with senior government officials yesterday.

The meeting was an open discussion between both sides which RABF has been asked to provide further substantive information.
 
 ABFA's code of conduct while it was commented it the greatest jump from the industry in the last 10 years (against strong internal opposition - never to be quoted out of context).  It was also observed that we were sure that the same banks wished they could have had a £25K non back dated Ombudsman scheme with PPI, Swaps miss-selling and Libor!

It was also commented upon that asset based lending operating within a safe robust regulatory framework would expand rapidly.

The question was asked had the new code of conduct altered behaviour within factoring industry?  It was felt that fear of being named and shamed in the national media was a stronger limiter of excessive behaviour.

Lucy Armstrong was complemented on her committment to bring reform to the industry.