FLA & IMI - helping to raise professional standards
The Institute of the Motor Industry (IMI) has developed an accreditation for finance and insurance (F&I), which is available only to staff who have passed the SAF test.
Update on FCA activity
Andrew Bailey took over as Chief Executive of the Financial Conduct Authority (FCA) on 1 July. In his first session at the Treasury Select Committee, he stated that the FCA needed a clear mission statement to sit beneath its high-level statutory objectives and the detailed information of the annual business plan.
New SAF training material launched
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.
FLA celebrates SAF Advanced graduates at House of Commons reception
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.
New Anti-Money Laundering legislation
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.
Is your business using new DVLA online services?
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:
New joiners & SAF Approved businesses
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.
New SAF Training material
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).
Update on FCA activity
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.
SAF competition winners
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.