Are you ready for the SAF Approved deadline?

A new update to the Finance & Leasing Association’s (FLA) Lending Code now requires that FLA members can only arrange finance through SAF Approved (or equivalent) dealers and brokers. As the majority of vehicle finance providers in the UK are FLA members, this change has significant implications.

Key Deadlines:

• Independent used vehicle dealers must become SAF Approved (or equivalent) by 1 January 2025 to continue offering finance through lenders who are FLA members.
• Franchised dealers and brokers have been required to be SAF Approved (or equivalent) since January 2023.

SAF approval is a free initiative aimed at raising industry standards. It also builds trust and confidence in a dealer’s business. Dealers are encouraged to showcase their SAF Approval on their websites and within their dealerships.

What Actions Must Dealers Take?

1. Register for the SAF Expert Test: Dealers must first register their company for the SAF Expert test.
2. Pass the SAF Expert Test: All customer-facing staff who discuss finance must pass the SAF Expert test. Once completed, the dealership can apply for SAF Approved certification. Staff will need to retake the test annually to maintain SAF Approved status.

More information on the SAF approval process can be found on our sister company’s website: Evolution Funding SAF System Guide

SAF Equivalence

If a dealer uses a different vehicle finance training provider that has SAF Equivalence status, the provider will manage the process and apply for SAF Equivalence certification on the dealer’s behalf.

For further information about SAF, visit: What is SAF