FISA increases broker representation

The Finance Industry Standards Association (FISA), the secured loan self-regulatory body, has changed its constitution to give broker members equal board representation.

Previously, lenders had greater representation on the FISA board but recent amendments have created two member categories of equal status.

All six lender members of FISA are represented on the board, and the 256 broker members also have six broker representatives.

Mark Cooke of Bright Finance, Ian Guy of Relax Finance, Jeremy Masding of Central Trust, Paul Newey of Ocean Finance, John Webb of Magic Mortgages and Tim Wheeldon of Fluent Money will represent broker firms on the association’s board.

John Parker, chief executive of FISA, comments: “The current market situation presents challenging times for both brokers and lenders; the entire industry needs to collectively tackle these challenges and this new Board will provide a forum where industry issues can be discussed and solutions achieved.”

The first meeting of the new board will take place on 8 October.

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