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FLA updates finance competence test

The Finance & Leasing Association (FLA) has revised its Specialist Automotive Finance (SAF) Competence Test and SAF Reference Material to provide dealers with the latest knowledge on finance products and regulation.

The update includes a new module on the requirements of the Consumer Credit Directive (CCD), which the motor industry has until January 31, 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.

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.”

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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