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There was important news for the secured loans industry this week as Barney Drake was elected to the board of the Association of Finance Brokers (AFB).

Drake, who co-established secured loan companies y3sloans and Yes Loans, commented on his election, “It’s an honour to be part of the AFB team who are consistently at the forefront of regulatory issues, especially during these difficult times.

Adding, “I look forward to becoming actively involved in representing the medium sized brokerage constituency for many years to come.”

While Robert Sinclair, director of the AFB, said, “We are delighted that Barney has been elected to represent medium sized firms on the AFB board.

“These are challenging times for the industry, and the wider economy, and it is more important than ever that the industry has a strong trade body representing its interests with regulators, politicians and other key stakeholders.”

Sinclair also remarked, “It is vital we have engaged members who are willing to serve on the Board. The secured loan industry faces a number of key challenges this year and sitting on the AFB Board offers a great opportunity to influence the future shape of our industry.”