As part of Evolution’s ongoing commitment to provide support and resources to our dealer partners, we are working to raise awareness of the SAF Approved deadline.
What is the SAF Approved deadline?
A new provision has been added to the Finance & Leasing Association’s (FLA) Lending Code, meaning FLA members can only arrange finance through SAF Approved (or equivalent) dealers and brokers. The majority of the UK’s vehicle finance providers are FLA members.
Independent used vehicle dealers must become SAF Approved (or equivalent) by 1 January 2025 to continue offering finance to customers using lenders who are FLA members, either directly or through Evolution Funding.
Franchised dealers or brokers should have been SAF Approved or equivalent since January 2023.
SAF is free. This is about improving standards across the industry. SAF Approval can also instil confidence and trust in the dealer’s business, so we encourage them to promote SAF approval on their website and in the dealership.
What action must dealers take?
Firstly, they must register their company for the SAF Expert test.
To become SAF Approved, all customer-facing staff who discuss finance with customers must pass the SAF Expert test. Once their customer-facing staff have passed the SAF Expert test, they can apply for SAF Approved certification. Their staff must retake the test every year to maintain your SAF Approved status.
More information on the process to become SAF Approved can be found here.
SAF equivalence
If the dealer is using an alternative vehicle finance training provider that is recognised as a SAF Equivalence Provider, the provider will monitor progress and apply to the FLA for SAF Equivalence status on their behalf. Further information on the criteria and process can be found here.
For more information about SAF, please visit: What is SAF? – Specialist Automotive Finance