The Finance & Leasing Association (FLA) has introduced a new broker accreditation service to help brokers demonstrate compliance with their regulatory responsibilities.

The move also aims to streamline the checking process that funders undertake when working with intermediaries.

Accreditation will have to be renewed annually to confirm ongoing compliance and the FLA stated that it is supported with access to bespoke training and regulatory updates. Inclusion in the system also increases brokers’ visibility to lenders looking for partners.

As the FLA’s broker accreditation service will be new to the industry, the association wants to ensure its continuing value in simplifying arrangements between funders and brokers, so a review forum is being set up to discuss the service and shape improvements and future developments.

Director general of the FLA, Stephen Haddrill, said: “Intermediaries are an important part of the industry, and the new Accreditation Service will help us work smarter with our partners for the benefit of our customers.”

The FLA also revealed this week that in 2023, its members provided £151bn of new finance to UK businesses, households and the public sector. Of this total, £113bn was provided in the form of consumer credit.

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