© The Campaign for Regulation of Asset Based Finance. All views expressed are the opinion of the campaign except where specifically stated.
This campaign is not supported by or linked in any way to the asset based finance industry.
The Campaign for Regulation of Asset Based Finance
The setting up of a Parliamentary Commission on Banking Standards was an important step for being able to expose the appalling practises used in the asset based finance industry. The group has put its submission and is looking forward to giving oral evidence to the Commission. We may be requested to present a number of case studies giving examples of unacceptable practises.
The announcement by the Government to carry out an inquiry under the umbrella of Business, Innovation and Skills (BIS)
A spokesperson for BIS said:
"The Government is aware of the concerns that have been raised and is currently looking into them in more detail. BIS, HMT and the Insolvency Service are all engaged, and we are in contact with the relevant industry bodies."
We must emphasis the inquiry is not of the size or time scales of the some of the high profile inquiries such as the Rover one, as it is official led.
This is clearly a positive step in achieving regulation and substantial compensation for HMRC and those affected by the actions of those lenders whose action would having acceptable in a regulated industry or to a reason able person.
The industry has bottomless pockets to lobby the government to keep the status quo of an unregulated industry.
To counter their propaganda machine that the industry uses to keep the Government and the media in the dark, we need as many case studies from as many sectors as possible.
So please contact the Secretary at email@example.com.