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What regulations apply to factoring companies?


The entire factoring industry is closely regulated by a number of organisations to ensure consumers are protected, industry guidelines are followed and complaints are fairly and independently dealt with. The Financial Conduct Authority (FCA) is the autonomous body that regulates the UK financial services industry and they are responsible for setting standards and ensuring a fair deal for all. The FOS (Financial Ombudsman Service) is an independent organisation that can be contacted to settle any disputes. 

The trade association for factoring companies is the Asset Based Finance Association (ABFA) which represents almost all UK service providers. They have a wealth of information about their members (all of whom are bound to a code of fair conduct) which can be used when searching for the right factoring company. In addition, the HM Treasury oversees all economic matters in the UK and works with The Bank of England and the Prudential Regulation Authority (PRA) to manage monetary policy and monitor financial companies.

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  • Why turn to a factor rather than seek a bank loan?
  • How does a factoring finance arrangement work?
  • Who collects the debt due, the factor or my business?
  • What's the difference between factoring with recourse and factoring without recourse?
  • Does factoring require a minimum number of invoices?
  • What does a factoring company do in the case of nonpayment?
  • Do my customers know of the factor’s involvement?
  • What are the requirements for invoice discounting?
  • Is there any collateral requirement for factoring?
  • How quickly can I access cash for the invoices I sell to a factor?
  • Who do I turn to if I have a dispute with my factoring company?
  • I have overseas clients; can I factor international invoices?
  • Is it easy to terminate a factoring arrangement?
  • What does working capital mean to your business?
  • What is the difference between factoring and bill discounting?
  • What is credit insurance?
  • What is export factoring?
  • What is the difference between invoice factoring and merchant cash advance?
  • What is the difference between factoring and securitisation?