About FISA

FISA was established in 1988 as a joint initiative of brokers and lenders in the secured loan (or second mortgage) sector to enhance standards in the industry.

FISA currently has six lenders and about 331 broker members. All are required to comply with the FISA Code of Practice. FISA members transact about 80% of broker introduced secured loans in the UK. The sector has an estimated annual turnover of £6bn.

Principal activities
FISA's activities are directed towards helping members comply with Consumer Credit Act and Financial Services Authority (in respect of insurance sales) regulations as well as the FISA Code. We do this through:

• telephone advice to members, including about advertisements they plan to publish

• bulletins about regulatory, market and other developments

• training: FISA's Foundation Course is the industry standard for people new to the industry, and an Advanced Course will be introduced from mid 2008. All information about dates, cost and courses can be found in the training section.

• compliance healthchecks: visits to members to help them with compliance or to investigate the circumstances behind complaints

• seminars on key developments and the Business and Compliance Forum meetings which are held three times a year

Governance of FISA
Major changes are being made to the governance of FISA. Phil Nunnerley, who has wide experience of financial services, having spent most of his career in senior positions in Lloyds TSB, was appointed as the new independent Chairman on the 8th May.

The Board itself is be reconstituted to have equal numbers of broker and lender members />