FISA
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The Finance Industry Standards Association sets standards within the broker introduced secured loan sector of the Finance Industry.
The Association’s background and purpose
They act as a regulatory and compliance body. They do not act as a trade
body or representative association. We were formed in 1988 as a voluntary
self-regulatory body with the support of lending and broker companies
operating in what was then known as the secured loans market. The Association’s
original remit was to improve the standard of credit advertisements. While
this is still a requirement, the Association has expanded its activities
and now covers any issue relating to the marketing and supply of credit.
They do not merely monitor but also take positive action against those who trade inappropriately. They liaise on a regular basis with Trading Standards Departments throughout the country and with the Office of Fair Trading’s Consumer Affairs Division in respect of individual cases. They also deal with any relevant consultation issued by government departments from time to time.
They enforce their codes through response to complaints and through a proactive system involving both monitoring of various media and the making of visits and test purchases. They employ full time compliance staff for this purpose. Their work in this field led them to realise that many traders break rules through ignorance as much as through any deliberate decision. They have therefore introduced low-cost, examination based, training systems which are used in conjunction with their compliance activity to ensure that their members observe the highest standards.
They do not operate a documentary audit-based investigation system. We operate on a "bottom-up" approach, relying on information from consumers or obtained by test purchases or full compliance checks of traders’ offices. Theymonitor practices of all traders, not only their own members and, where appropriate, they refer matters to the official enforcement authorities.
Their current membership comprises the majority of lenders and brokers operating in the broker introduced secured loan market. All members have joined them specifically to support and facilitate their regulatory activity.
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