The International Asset Finance Network (IAFN) recently held another virtual conference, this time dealing with how forbearance measures have impacted the performance of existing portfolios and the lessons learned that can be applied to new business so that future portfolios are better equipped to weather future crises.
The webcast was entitled ‘From forbearance to collections, managing the arrears process during COVID-19’ and to consider the wide range of topics, a series of high-profile speakers were invited, including:
- Jo Davis, partner at Auxillias;
- Adrian Dally, head of motor finance at the Finance & Leasing Association (FLA);
- Graham Wheeler, chief executive officer of Advantage Finance;
- Ulrich Wiesner, senior consultant at FICO;
- Huw Vaughan, senior business consultant at FICO;
- David Betteley, content advisor at Asset Finance International;
- Edward Peck, co-founder of IAFN; and
- Brian Rogerson, co-founder of IAFN.
During the running of the event, a series of poll questions were posed to the audience who were encouraged to offer their views on the topic at hand. This offers a unique snapshot into how the industry feels about an issue, and due to the senior level of the IAFN Online audience it helps to illustrate how key decision makers are reacting to the pandemic.
As such, following the FCA’s announcement of extending the forbearance measures for a further three months, the first poll question posed to audience members measured how much they agreed with the statement that:
The original forbearance scheme guaranteed good customer outcomes
|Question One||33 Total Votes|
|Neither agree nor disagree||19%|
There seemed to be a tepid agreement that the original forbearance scheme was good for customer outcomes, with 38% of the 33 respondents selecting ‘moderately agree’. Only 3% of the respondents ‘strongly disagreed’ with the statement, although 22% ‘moderately disagreed’.
The extension of the forbearance scheme will further improve customer outcomes
|Question Two||57 Total Votes|
|Neither agree nor disagree||14.5%|