The Finance & Leasing Association (FLA), working alongside employers in a Trailblazer group, has won Government approval to develop a Motor Finance Specialist apprenticeship standard for the motor finance industry. We will now begin working with members, brokers and dealers to devise a training standard which will highlight the skills and knowledge that employers in our sector need.
Once the standard has been completed, the Motor Finance Specialist apprenticeship will be one of 3 million that the Government wants to see in action by 2020. These high quality apprenticeships aim to offer genuine alternatives to university but could also be combined with higher education to offer industry experience.
Adrian Dally, Head of Motor Finance at the FLA, said:
“The motor finance industry provides rewarding careers, and many of its jobs, including the customer-facing roles in dealerships, are demanding in terms of the required levels of regulatory knowledge and customer service. The apprenticeship standard will build on the industry’s existing training programmes while helping to attract and retain the next generation of talent.
“We’re working with industry experts who will help us create a standard that will benefit apprentices, employers, and motor finance customers.”
Robert Halfon, Minister of State for Apprenticeships and Skills, said:
“Apprenticeships offer young people a ladder of opportunity to gain the vital skills they and businesses need to succeed. By putting more control in the hands of employers, we are ensuring apprenticeships are high quality and address skills shortages facing industry.
“Congratulations to the Motor Finance Trailblazers for being approved to develop their apprenticeship standard, and for playing an active role in developing the workforce of the future.”
Note to editors:
- The new Motor Finance Specialist standard has been listed here on the gov.uk website, indicating that it is now in the development stage.
- In the 2015 summer Budget, the Government announced that it would create a new apprenticeship levy, to be introduced in April 2017, as part of its overall objective to deliver three million apprenticeships by 2020.
- The Finance & Leasing Association is the leading trade body for the asset, consumer and motor finance sectors in the UK, and the largest organisation of its kind in Europe.
- In 2015, FLA members provided £110 billion of new finance to UK businesses and households. £81 billion of this was in the form of consumer credit, almost a third of total new consumer credit written in the UK in 2015. £37 billion of it supported the purchase of new and used cars, including over 80% of private new car registrations.