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Car finance regulations changing

The Finance and Leasing Association (FLA) has announced a variety of improvements to the Specialist Automotive Finance (SAF) test, in accordance to the new Consumer Credit Directive (CCD) regulations.

The Finance and Leasing Association (FLA) has announced a variety of improvements to the Specialist Automotive Finance (SAF) test, in accordance to the new Consumer Credit Directive (CCD) regulations. Acronyms aside, the new CCD will be in force towards the end of this month and it requires new sale processes from the lenders.

New questions within the SAF Competence Test have been included, with 20 of the questions linked directly to the CCD. The CCD has been put in place to ensure car finance buyers know the most amount of information possible about their protection for finance.

Paul Harrison, head of motor finance at the FLA, stated: said "Although most lenders will be introducing their own CCD training for their unique processes, we hope our SAF test will be a useful starting point for industry-wide CCD compliance."

He continued to say: "I believe that by reading the material and taking the new extended SAF test, staff at dealers and lenders will be well prepared for these important regulatory changes."

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