FISA – Finance Industry Standards Association
The Finance Industry Standards Association (FISA) has been responsible for maintaining standards, and ensuring that the public are properly informed about the finance industry, since 1988. FISA’s original remit was to ensure that financial advertising in the secured loans area was properly regulated. At present they are able to accredit brokers with FISA approved membership, and these brokers must then conform to FISA codes of practice, and they also work to ensure that people looking for a secured loan are fully appraised of what precisely they are signing up for.
Most lenders and brokers in the UK are members of the Finance Industry Standards Association, and FISA regularly co-ordinates with the Trading Standards and the Office of Fair Trading to discuss infractions of FISA’s rules by traders in the loans sector, so they are far from toothless when it comes to dealing with offenders.
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