Officially founded on
BFASA aims to introduce the concept of self regulation to the bridging finance industry, to ensure the long term sustainability of the industry and to create, among others, a culture of information sharing between its members.
Added to this, the association will also actively promote ethical and socially responsible conduct within the industry. BFASA will further promote information sharing among its members in order to identify and avoid fraudulent activities such as double discounting etc. Through this information sharing, the association strives to ensure the continuing survival of the industry and its players.
BFASA is a Section 21 company that consists of a board of directors. It has a memorandum of association, statutes and working committees. All members join voluntarily and are obliged to pay an annual membership fee. “The members have to sign the memorandum of association, statutes and code of conduct,” notes van Rensburg.
The code of conduct covers issues such as conduct, rules for practice and ethical practice, accountability to the consumer, privacy, truth in advertising and professionalism, among others.
Van Rensburg concludes by saying that as a whole, the industry needs to stand together to address common threats in order to create a sustainable long term environment.
BFASA has already signed on approximately 20 of the bigger players in the industry as members, and invites all bridging companies interested in joining the association to email