FIBA's broker standards - and why they matter

By Miranda Khadr, founder of The Business and Commercial Finance Club

Since FIBA’s launch this year, it has sought to instil higher professional standards across the broking and intermediary market. Many would say that such a stance has been long overdue and finally we have a trade body that has procured a code of ethics and conduct that it hopes and asks its members to adhere to. The standards set out by FIBA focus on integrity, competence, objectivity and courtesy. Plenty of us would say that we have been abiding by these standards for a number of years; however, I feel that the charter that FIBA has set out is an endearing one and provides us all with a reminder of our aims as brokers and intermediaries in the financial sector. 

It is so important that within our roles as intermediaries, for some of the largest financial decisions that an individual and company can make, that we are all aspiring to provide a service to our clients that is as faultless and helpful as possible. We must all strive to improve our knowledge and enhance our own professional development in order to offer our clients the correct and tailored solution for their unique needs. This must be coupled with an integrity in our choices of product and advice for clients. These may seem obvious principles, but they are important ones - especially for our industry - to achieve the respect and reverence I believe it deserves. 

The association also focuses on confidentiality and due diligence. These areas are two elements of our roles that have become more important than ever. With the introduction of strict GDPR guidelines, and due diligence and regulatory requirements, it is really important that, as brokers, we have one eye consistently on providing a safe and data-secure environment for our clients and that we carry out detailed due diligence on clients and the solutions we offer to them.

I also think the principle of courtesy is often missed out, despite being one of the most important codes of conduct we should also ensure that we follow. This is within our industry, as well as outside of it. I believe we should be showing each other a greater level of courtesy and professionalism for our sector to really strive further. Our roles as purveyors of debt from traditional and alternative lenders will be more in need than ever – especially as debt providers are increasing and finding the right solution for any entity becoming more complicated. We are making great progress, but there is still a long road ahead.