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This apprenticeship standard is in development and is not yet ready to use

Why is this apprenticeship not ready for delivery?

An apprenticeship standard is only available for delivery when both the standard and assessment plan is approved and a funding band (core government contribution) has been assigned to the standard.

How can I get involved?

If you'd like to get involved and contribute to the development of this standard, please read about developing standards and assessment plans. You can email the trailblazer contact using the details on this page.

Overview of the role

Support businesses to fund the lease or purchase of an asset.

Asset finance practitioner

Details of standard

Occupation summary

This occupation is found in the financial services sector in businesses that provide or facilitate asset finance (leasing or hire purchase). These businesses are also known as lessors. Employers of asset finance specialists include:

  • Banks.
  • Finance arms of manufacturers.
  • Vendor finance providers.
  • Broker/ funders.

Most asset finance customers (known as lessees) are small to medium sized enterprises. Customers also include large corporate entities and parts of the public sector. The broad purpose of the occupation is to support businesses to fund the lease or purchase of an asset. They must work to regulations, internal processes, and codes of conduct. The types of asset are varied; for example, it could be plant & machinery, vehicles, office equipment, or technology. However, the occupation does not include real estate/ property leasing.

Asset finance is often crucial to a lessee's ability to grow or maintain their business. It can help them manage cash-flow and have access to working capital. It is, therefore, a key component of a successful economy.

In their daily work, an employee in this occupation interacts with both internal and external stakeholders to support their work. This includes (but is not limited to):

  • Sales teams.
  • Underwriters.
  • Compliance teams.
  • Complaints teams.
  • Intermediaries (such as brokers or vendors).
  • Suppliers and customers.

The asset finance practitioner communicates with stakeholders by email and over the telephone. They may also conduct site visits. They may work both in the office and out in the field, typically undertaking an asset inspection on site.

An employee in this occupation is responsible for assisting in the delivery and management of asset finance solutions for lessees. They do this by using relevant evidence and undertaking relevant due diligence to make their decision or recommendation. Depending on their role, they may be involved in the on-boarding of new customers, assisting with credit decisions made by the lessor, incepting agreements, and paying out deals. They ensure compliance with all applicable regulations, internal processes, and procedures, particularly those associated with anti-money laundering checks. They respond to any in-life events (e.g. change in the lessee's circumstances) that affect the finance agreement and/or the value of the financed asset. The response must be in line with lessor processes and statutory regulations.

When the lease agreement ends, they may assist with the management of the process. This could be when the lessee has bought the asset, is returning the asset, or is looking to extend their agreement.

The asset finance practitioner must identify potential asset fraud and report instances to relevant parties. This could include theft of an asset or other non-compliance. They may need to handle any lessee complaints.

They must ensure that accurate records and data are held by the lessor in respect of each asset finance agreement. They must balance their workload to meet company targets.

Asset finance practitioners generally work as part of a bigger team, reporting to a line manager. They will usually be responsible for multiple agreements or finance opportunities at any given time.

Typical job titles include:

Asset finance practitioner Sales support specialist Sales coordinator Leasing coordinator Business development executive Account executive Contract validation specialist


Occupation duties

Duty

KSBs

Duty 1 Support commercial aims by contributing to the generation and/or handling of sales opportunities.

K4 K5 K6 K7 K8 K10 K11

S1 S3 S5 S6 S7 S8 S13 S16

B1 B2 B3 B4 B5

Duty 2 Create and review documentation to the required standard in order to fund an asset for the lessee.

K1 K2 K3 K7 K9

S1 S2 S3 S4 S7 S9 S12 S15

B1 B5

Duty 3 Analyse and interpret data that is relevant to the delivery of asset finance. Take appropriate action such as making a recommendation, a decision or a referral.

K2 K3 K4 K5 K9 K12

S2 S3 S4 S5 S7 S9 S12 S14 S17

B1 B3

Duty 4 Prepare and submit proposals for credit or for underwriting in line with lessor set criteria.

K5 K7 K10

S3 S4 S6 S7

B1 B3

Duty 5 Quality assure the asset finance arrangement in order to process and fund the transaction.

K7 K9 K10

S3 S4 S5 S6 S11 S12 S14

B1 B3

Duty 6 Liaise with lessees, brokers, suppliers and internal stakeholders to ensure delivery of asset finance to the lessee.

K7 K10 K11 K15

S11 S13 S15 S16 S19

B1 B2 B3 B4

Duty 7 Update and maintain information relating to the asset finance deal via the organisations IT system(s).

K1 K9 K10 K13

S2 S10 S12 S14 S15

B6

Duty 8 Deliver the asset finance offering by identifying and providing the required administration and communication support.

K7 K9 K10 K13

S10 S12 S14 S15

B4

Duty 9 Identify and handle in-life events that occur during the life of an asset finance agreement. Operate within regulation, the lessor's processes, and relevant codes of conduct.

K1 K2 K3 K7 K9 K11 K13

S1 S2 S3 S4 S9 S10 S12 S13 S14 S16

B1 B3 B4

Duty 10 Negotiate and/or administer the return, collection/disposal, extension or buy-out of the asset. This may be either at the natural end of the agreement or due to other termination events.

K1 K2 K3 K13 K15

S1 S2 S3 S4 S11 S14 S19 S20

B1 B2 B3 B6

Duty 11 Identify potential fraud and other types of non-compliance, escalating as appropriate.

K1 K3 K12 K15

S1 S3 S4 S9 S17 S19 S20

B1 B2 B3 B6

Duty 12 Identify and handle complaints from stakeholders in line with regulation, the lessor's processes, and relevant codes of conduct.

K1 K8 K10 K11 K14

S1 S13 S16 S18

B1 B2 B6


KSBs

Knowledge

K1: The factors affecting the legal operation of an asset finance business including industry legislation, regulation, and codes. This includes but is not limited to "know your customer" (KYC), "Anti-money laundering" (AML) and the Finance and Leasing Authority (FLA) business finance code. Back to Duty

K2: Manage asset finance data safely and securely. Back to Duty

K3: Validate and assess sourced data that impacts an asset finance agreement. Back to Duty

K4: Select a suitable option from a range of potential asset finance solutions, taking account of asset type, customer requirements and market. Back to Duty

K5: Structure and quote an asset finance agreement that is competitive, affordable, and profitable. Back to Duty

K6: Negotiation techniques and how to use these to achieve positive outcomes in asset finance agreements. Back to Duty

K7: The processes for opening or closing an asset finance agreement. Back to Duty

K8: A range of communication methods and their potential usage when discussing asset finance products/services. Back to Duty

K9: Software systems and how to use them throughout the work life cycle. Back to Duty

K10: Own organisational structure, functions, and processes. How this works together to provide successful commercial outcomes. Back to Duty

K11: Techniques to build and manage a range of stakeholder relationships. Back to Duty

K12: Identify, report and handle potential fraud. Back to Duty

K13: Amend an asset finance agreement, including how to process the return or disposal of an asset. Back to Duty

K14: Handle complaints relating to asset finance agreements in accordance with both regulation and organisation requirements. Back to Duty

K15: Inspect the physical condition of an asset that is supplied via an asset finance agreement. Back to Duty

Skills

S1: Identify and apply relevant industry legislation, regulation, and codes to provide compliant asset finance solutions. Back to Duty

S2: Manage asset finance data compliantly. Back to Duty

S3: Validate and assess all relevant data that affects an asset finance arrangement. Back to Duty

S4: Determine asset finance decisions and recommendations based on the evidence. Back to Duty

S5: Contrast the features and benefits of different types of finance agreements. Select and recommend a suitable customer solution. Back to Duty

S6: Explain the suitability of an asset finance agreement to the customer both clearly and fairly. Back to Duty

S7: Structure and quote an asset finance transaction that is competitive, compliant, and profitable. Back to Duty

S8: Negotiate a positive outcome for the customer and your own organisation. Back to Duty

S9: Complete asset finance negotiations by acting compliantly and following due processes (including due diligence). Back to Duty

S10: Determine and respond to changes in circumstances that occur during the asset finance life cycle. This includes potential buyouts, extensions and returns. Back to Duty

S11: Identify and pay out the correct monies owed to other organisations. Back to Duty

S12: Identify and deploy asset finance software. Back to Duty

S13: Build and maintain working relationships with colleagues and clients. Back to Duty

S14: Quality assure own work in accordance with organisational requirements. Back to Duty

S15: Plan and prioritise workload to meet objectives. Back to Duty

S16: Adapt the use of written and verbal communications to the audience. Back to Duty

S17: Spot and report possible non-compliance and fraud, escalating issues when needed. This includes issues like theft and money laundering. Back to Duty

S18: Handle complaints in accordance with both regulatory requirements and own organisations process, escalating unresolved issues where needed. Back to Duty

S19: Inspect an asset to examine its condition in line with the asset finance agreement. Back to Duty

S20: Recover an asset when the evidence requires it. Back to Duty

Behaviours

B1: Show honesty and integrity in their asset finance work. Back to Duty

B2: Apply a tactful approach in their dealings with others. Back to Duty

B3: Adopt a curious approach to seek out solutions. Back to Duty

B4: Work alone and in team settings to support organisational needs. Back to Duty

B5: Take responsibility for your own personal development. Share expertise to build the capability of colleagues within their team. Back to Duty

B6: Take an active interest in the affairs of the business and the wider sector. Back to Duty


Qualifications

English & Maths

Apprentices without level 2 English and maths will need to achieve this level prior to taking the End-Point Assessment. For those with an education, health and care plan or a legacy statement, the apprenticeship’s English and maths minimum requirement is Entry Level 3. A British Sign Language (BSL) qualification is an alternative to the English qualification for those whose primary language is BSL.


Additional details

Occupational Level:

3

Duration (months):

24

Review

This apprenticeship standard will be reviewed after three years

Status: In development
Proposal approved Standard approved Assessment plan approved
Level: 3
Reference: ST0880
Route: Legal, finance and accounting
Typical duration to gateway: 24 months (this does not include EPA period)
Trailblazer contact(s): george.anastasi@fla.org.uk
Employers involved in creating the standard: CHG Meridian, JCB, Societe Generale Equipment Finance, DLL, Hitachi Capital Business Finance, Bibby Leasing, Siemens, Kennet Equipment, Allied Irish Bank, Ignition Credit, Maxxia, Wesleyan, White Oak, Triple Point, Shire Leasing plc

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