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Secured brokers get new association

The Association of Finance Brokers has been formally established to represent secured-loan advisers.

It will become part of Aifa and will be a sister trade body of the Association of Mortgage Intermediaries.

The announcement comes two months after the AMI and the Corporation of Finance Brokers’ published their plans to form a joint organ- isation.

The AMI said earlier this year that it expects around two-thirds of mortgage adv- isers to offer secured loans in the next year.

AFB director general Chris Cummings says: “Brokers will benefit from a higher profile and greater opportunities to influence the future of second-charge lending. We will lobby politicians, regulators and policy makers in the UK and Europe on AFB members’ behalf and we will seek to improve the business climate in which brokers operate and help secure proportionate regulation..”

Loan broker Freedom Finance managing director Tony Machin says: “Loan brokers have been without an effective trade body to represent their views and lobby on their behalf. Loan brokers need to make their collective voices heard and the AFB will do an excellent job.”

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