FCA's recent motor finance findings demonstrate how investment in training leads to consumers receiving better information and better outcomes.
With this in mind, the FLA has redeveloped its SAF training to make it easier for staff in all motor retailers to develop and demonstrate motor finance knowledge. An improved range of training options has been designed to further increase professionalism, skills and knowledge in this sector.
A key change is that the SAF competency test, now known as SAF Expert, has been accredited by The London Institute of Banking & Finance. Successful completion of SAF Expert now demonstrates an accredited standard of learning, and provides credits towards the level-3 SAF Advanced qualification.
If staff hold a current valid SAF Expert certificate the accreditation now entitles them to bypass one of the three units of SAF Advanced. So anyone with a SAF Expert certificate is now a third of the way to achieving the SAF Advanced qualification.
Commenting on the launch of the redeveloped SAF training, Adrian Dally, Head of Motor Finance at the FLA, said “Motor finance is the third largest market in the consumer credit sector, so the current level of scrutiny from regulators and the media should be considered the new normal. Staff training is therefore more important than ever, and the new suite of SAF courses provides a training option for everyone, regardless of their level of experience. Now is the time to make sure that all customer-facing staff have the skills they need to help your business thrive.”
SAF Expert will continue to be funded by FLA lenders, and provided free to users, as will SAF Essentials – a new set of basic modules that offer the perfect induction to motor finance by providing a broad overview of the industry and its products.
SAF Advanced, which at Level 3 puts the motor finance industry’s training on an equal footing with the professional courses required in other markets, is now also available on a new app-based learning platform, SAF Advanced Academy. The app follows the established SAF Advanced syllabus, but presents the material in a gamified context – users can also track their progress through mock exams, the app identifies those areas where more study is needed and will generate tests to check the user’s development.