The association of short term lenders

The FSA visits astl

As the FSA considers whether short term lending should fall under the type of regulation that other mortgage lenders are subject to, the Association of Short Term Lenders (astl) were the first to meet with the authority and lay the foundations for a strong relationship in the future. Allan Kay, Executive Member of astl, and Director of Cheval, said: “We were delighted to be given the opportunity to meet with the FSA on Monday 7th February. The meeting was very successful and there was promising interactions from both sides.

“Moving forward, if short term lending is subject to greater regulation, a strong link between astl and the FSA will mean that both parties gain a greater understanding of what is needed.”   A spokesperson from the FSA said: “the FSA were pleased to send Emma Peplow and Keith Hale to address the lender members of the astl in respect of recent consultation papers and proposals.  The dialogue was professional and constructive and both the lenders and the FSA expressed satisfaction with the tone and good expectation of the discussions”. Allan Kay added: “We came away from the meeting with the benefit of having finally put a face to what is usually a faceless organisation.  

“It is very important that we build on this relationship and continue to ensure that, as the collective voice of bridging, we are representing the entire body of members of astl and ensuring that the FSA is aware of our demands and our opinions.

“Moving forward, we will be responsible for helping to build a reasonable set of regulations as opposed to regulations which are onerous to our cause. “
Adrian Bloomfield, Chief Executive of astl, said: “It’s particularly pleasing that the FSA seems prepared to listen to what we have to say and our concerns before proposing various changes to regulation affecting the short term lending sector.

“I believe the FSA is trying to accommodate short term lending so they don’t inadvertently regulate in a way which would substantially damage our sector. They are giving careful consideration to the preservation of short term sector.”