An Association that aims to improve the reputation of alternative financial companies (non-banking), but which will represent their interests before the regulator, has been launched on Monday, September 23, during an official ceremony at a hotel in the capital.

According to Angela Gladei, director of the Employers' Association of Alternative Financial Companies, the entity sees itself as an ally of the regulator, being ready for open dialogue to improve the legal framework in the field, to prevent over-indebtedness of the population and to increase the quality of provided services by introducing best practices.

"The reputation of the sector is affected by some abusive practices towards customers and concerns the price policy based on exaggerated penalties imposed on some players", notes Angela Gladei.

Director of the new Association has stated in the official presentation that, through the launched platform, associates intend to exchange experience and to educate the consumer financially. Sector’s self-regulation, development of this business as well as increasing its attractiveness for investors have been also proposed.

According to Angela Gladei, self-regulation and consumer education can take place through the adoption of common industry standards included in a code of conduct. This can also be done by introducing fair business practices or assessing the client's solvency.

The Employers' Association of Alternative Financial Companies is founded by three associates that have also signed a code of conduct.

According to the Association’s management, 80% of the sector belongs to foreign investors. There are currently 162 officially registered non-bank financial companies with a portfolio of 350 million euros.