8 March 2018
The Finance & Leasing Association (FLA), working alongside employers in a Trailblazer group, has today launched its Motor Finance Specialist apprenticeship to offer employment and training opportunities to those entering one of the UK’s fastest growing sectors.
A new section on the FLA’s website provides all the necessary information that firms will need to get their apprenticeship programmes underway – including contact details for three well-established training providers who have already signed up to help employers develop tailor-made courses, along with advice on how to hire apprentices.
The launch of the apprenticeship is the culmination of 18 months of discussions between FLA members, brokers, dealerships and professional bodies, to devise a training programme that matches the specific skills and knowledge required in a market where 88% of private new car purchases are made using motor finance.
The one-to-two-year, Level 3 apprenticeship uses a core curriculum which then branches into options to suit either finance specialists, working for a lender, or retail specialists, who liaise directly with car buyers in the dealerships. The independent assessment process examines a number of areas, including knowledge of the finance products, regulatory compliance and customer service.
Commenting, Adrian Dally, Head of Motor Finance at the FLA, said:
“The Apprenticeship Standard will help to attract new talent who want to build their careers in motor finance. This kind of commitment to the industry is good for competition, customer service and the responsible provision of credit that is central to this market.
“FLA members have a history of investing in training for dealership staff, including development of the Specialist Automotive Finance (SAF) programme that has been running since 2007. We added the more demanding SAF Advanced qualification in 2016, and are now introducing modules to the original SAF programme to ensure there is a SAF training option for every career stage.”
Sue Husband, director, National Apprenticeship Service said:
“Through apprenticeships, we’re making it easier for employers to attract a diverse range of apprentices, helping them to acquire top talent and tackle skills shortages associated with an ageing workforce by training and upskilling. The Motor Finance Specialist Apprenticeship offers the opportunity to specialise in a key growth area of the automotive industry, with learning outcomes spanning the sale of motor finance products, financial regulation and compliance and customer service.
“With recent reforms to apprenticeships firmly focused on improving quality in the system and giving employers the skills they need, there has never been a better time to take on an apprentice.”
Note to editors:
- More information on the Motor Finance Specialist Apprenticeship, and the groups we partnered with in its development, can be found here.
- Training providers 3aaa, Calibre Group Solutions and Simply Academy have signed up to deliver the apprenticeship.
- The FLA’s SAF initiative has been running since 2017, and was devised to boost professionalism in motor dealerships and increase consumer confidence in car finance.
- The SAF Advanced course (Certificate for Automotive Finance Specialists (CertAutoFS)) is available on the London Institute of Banking & Finance website.
- The Finance and Leasing Association is the leading industry body for the asset, consumer and motor finance sectors.
- In 2017, members provided £44 billion of new finance to help households and businesses purchase cars. Over 88% of all private new car registrations in the UK were financed by FLA members.
- For media queries, please contact the FLA press office on 020 7420 9656.