News
FLA offers motor dealers free training on the Consumer Credit Directive
The Finance & Leasing Association (FLA) has revised its Specialist Automotive Finance (SAF) Competence Test and SAF Reference Material to provide dealers with the very latest knowledge on finance products and regulation.
The update includes a brand new module on the important requirements of the Consumer Credit Directive (CCD), which the motor industry has until 31 January 2011 to implement.
The new SAF test and SAF reference material are available online from today at www.SpecialistAutomotiveFinance.co.uk and can be accessed free of charge by dealers.
SAF is the FLA’s initiative to raise the standard of finance advice offered in dealer showrooms. Dealers and showroom staff can increase their knowledge of financial products with the reference material, and then prove their knowledge with the SAF competence test, which must be retaken annually.
The FLA’s update will assist dealers and showroom staff to prepare for the key regulatory changes under the CCD and will ensure that car buyers are provided with the very best information and protection linked to motor finance.
The updated Test will allow dealerships to demonstrate that their understanding of the CCD changes is of the standard set by the FLA – the representative body for the UK motor finance industry.
Paul Harrison, Head of Motor Finance at the FLA, said:
“The addition of the CCD module to the SAF Reference Material makes free information on CCD compliance readily available. We hope this will be a valuable resource for the industry and help it prepare for the changes it will face under the CCD.
“The extensive update of the Reference Material will ensure that SAF users have the most up-to-date information on how the finance products being sold in dealerships work.”
Sue Robinson, Retail Motor Industry Director, said,
“We welcome this idea to ensure that dealers are prepared for the new CCD changes, and have all the information that they require to ensure that they implement the Consumer Credit Directive (CCD) as smoothly as possible.”
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Note to editors:
Specialist Automotive Finance (SAF) was launched by the FLA in June 2007 at the AutoRetailing Conference. SAF aims to raise consumer awareness of finance sold in dealerships by raising standards and improving skills amongst dealership staff.
Central to SAF is the FLA’s online competence test, launched to dealers in October 2007. The competence test is a free-of-charge assessment covering the finance products sold in showrooms and the surrounding regulation. The test does not teach staff how to sell finance but aims to improve their overall finance knowledge. To remain SAF-certified, individual staff must renew the test every 12 months.
As part of SAF, the FLA has also developed an impartial consumer guide to motor finance – www.FinancingYourCar.org.uk. The web site helps potential car buyers to review all of the options available in showrooms to help them purchase their next car, all from the comfort of their own home.
www.SpecialistAutomotiveFinance.org.uk is the SAF portal for the industry to help companies learn more about the initiative.
There are currently 9,500 individuals registered for the online SAF competence test. There are currently almost 500 SAF Approved dealerships.
SAF is fully endorsed by the motor finance industry and is funded by FLA member finance companies.
For further media information, please contact:
Helen Saxon, FLA
T: 020 7420 9664 E: helen.saxon@fla.org.uk M: 07918 766 993