42 Skyline | Relaunch Edition 1 | Winter 2021
We spoke with Adam Tyler , Executive Chairman at the Financial Intermediary & Broker Association ( FIBA ) about why firms looking to diversify into other areas of business might consider specialist property finance and here he highlights the support available through FIBA to existing SimplyBiz Mortgages members .
If FIBA is a new name to our readers – what is its role in the lending markets ?
FIBA is a not for profit trade association , wholly owned by The SimplyBiz Group , representing and providing benefits to all those involved in the specialist property finance industry .
FIBA is dedicated to providing support to this significant segment of the financial services industry in many ways , including access to a dedicated panel of specialist lenders , professional partners , member benefits , as well as through lobbying and networking , alongside the provision of regulatory and compliance updates for those specifically involved in Specialist Property Finance . There are three highly defined groups of members , all types of Brokers and Advisers involved or wishing to become part of the commercial finance industry , Lender Partners who fund businesses in this sector and Professional Partners who are predominantly legal firm and valuers who specialise in our sector .
What is the difference between a mortgage club and a trade association ?
A Trade Association is set up generally as a not for profit organisation to support the industry it represents . The actions of that body are defined by the needs of its members , both internally and externally to those other groups that may influence the behaviours or outcomes of the membership . FIBA also looks to provide benefits to its members that will help support businesses , whilst generally assisting the industry and this will include group arrangements that would not necessarily be available to an individual firm .
One of the key differences is seen in the Lender community joining a financial Trade Association where they will provide networking and marketing opportunities to the membership . There may be some exclusive arrangements , but all members deal directly with the lenders and the Trade Association has no sight of business written between its members and partners .
FIBA ’ s key supporting lending focus is what ?
All of the different types of members and partners at FIBA , which will be intermediaries , brokers , lenders , solicitors and valuers , specialise in property finance that falls outside of the residential 1st and 2nd charge market , predominately falling into the following categories :