Today new training material has been launched to ensure the SAF test continues to provide customer facing staff, from throughout the aumotive sector, with up to date comprehensive knowledge of motor finance products and the regulations they are governed by.
The Finance & Leasing Association (FLA) and representatives from Parliament and the motor finance industry will celebrate recent graduates of the Specialist Automotive Finance (SAF) Advanced qualification at a reception today in the House of Commons.
There are a number of fraud and Anti-Money Laundering (AML) checks that finance providers currently make before they decide to lend to a customer. But any “high value” dealerships – classed as those which accept cash payments of over €15,000 (approx. £12,000) – are required to have in place their own AML processes and checks that go beyond the responsibilities staff have with collecting documentation from the customer.
The Driver and Vehicle Licencing Agency (DVLA) has launched a number of new digital services in the last two years to speed up firms’ sales and remarketing processes. Using online services, you are now able to:
Since our last newsletter in January, more than 800 new users have registered to take the SAF test, many of whom work at one of 38 newly registered companies that are striving to become SAF Approved. In addition, 13 businesses have achieved SAF Approved status for the first time over this period, meaning that all of their customer-facing staff involved in the sale of finance have passed the SAF test.
A revised version of the SAF training material will be launched in the coming weeks, incorporating the very latest topics relevant to customer facing staff, like new rules on the selling of Guaranteed Asset Protection (GAP) insurance, more information about Know Your Customer (KYC), and changes to the Consumer Rights Act (CRA).
The final FCA authorisation period for interim permission holders closed on 31st March, but it will be another year before all applications have been determined. You can check the current status of trading partners by using the Financial Services Register and the Register of Interim Permissions.
Congratulations to Oscar Barrett of Humphries & Parks Ltd, Angela Simmons of the Pentagon Group, Cavan Wright at Chertsey Mitsubishi and Steve Coaten of W J King – all of whom joined the SAF team at the Top Gear race track in November.
A Q&A explaining what the FCA are doing on remuneration, what they expect to see and what they deem 'good' to look like.
It is set to be another busy year for the regulator and the market, as several current thematic reviews are due to be finalised and consulted on.
The FCA’s work on creditworthiness and affordability will lead to a consultation in either Q2 or Q3 2016, the results of which could lead to new or redrafted rules and guidance, potentially affecting the point of sale process in dealerships.