Countdown to SAF qualification deadline

With the clock ticking down to the end of December, dealers across the UK are being reminded of the urgent need to achieve Specialist Automotive Finance (SAF) Approved status—or an equivalent—if they want to continue offering finance through lenders who are members of the Finance & Leasing Association (FLA).

This critical deadline, highlighted by Tandem Motor Finance’s Sales Director Dave Anderson, marks a significant change in the motor finance industry. From January, only SAF-approved dealers or those holding an equivalent qualification will be able to partner with FLA member lenders, all of whom adhere to the FLA’s Lending Code.

“From January, all dealers must be SAF Approved (or equivalent) for us or any FLA member to continue working with them,” Anderson emphasised.

“Franchised dealers must already comply with this standard, and independent dealers must now follow their lead. I’m afraid there will be no extensions or exemptions.”

To register and prepare for SAF Approval, a dealership and its team members must visit the SAF website: www.specialistautomotivefinance.org.uk/saf-approved, enroll team members for training, and complete the 60-question, 60-minute online test. This test must be retaken annually to maintain competence.

Dave Anderson summed up the importance of the initiative: “Being SAF approved will allow a dealer to continue offering finance. It will also enhance a dealer’s professional status and help ensure team member awareness of compliance and regulation, which should help protect the business.”

For more information and to begin the SAF qualification process, visit www.specialistautomotivefinance.org.uk.