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Support businesses to fund the lease or purchase of an asset.
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:
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):
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.
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Duty 1 Support commercial aims by contributing to the generation and/or handling of sales opportunities. |
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Duty 2 Create and review documentation to the required standard in order to fund an asset for the lessee. |
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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. |
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Duty 4 Prepare and submit proposals for credit or for underwriting in line with lessor set criteria. |
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Duty 5 Quality assure the asset finance arrangement in order to process and fund the transaction. |
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Duty 6 Liaise with lessees, brokers, suppliers and internal stakeholders to ensure delivery of asset finance to the lessee. |
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Duty 7 Update and maintain information relating to the asset finance deal via the organisations IT system(s). |
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Duty 8 Deliver the asset finance offering by identifying and providing the required administration and communication support. |
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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. |
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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. |
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Duty 11 Identify potential fraud and other types of non-compliance, escalating as appropriate. |
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Duty 12 Identify and handle complaints from stakeholders in line with regulation, the lessor's processes, and relevant codes of conduct. |
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.
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K2: Manage asset finance data safely and securely.
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K3: Validate and assess sourced data that impacts an asset finance agreement.
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K4: Select a suitable option from a range of potential asset finance solutions, taking account of asset type, customer requirements and market.
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K5: Structure and quote an asset finance agreement that is competitive, affordable, and profitable.
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K6: Negotiation techniques and how to use these to achieve positive outcomes in asset finance agreements.
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K7: The processes for opening or closing an asset finance agreement.
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K8: A range of communication methods and their potential usage when discussing asset finance products/services.
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K9: Software systems and how to use them throughout the work life cycle.
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K10: Own organisational structure, functions, and processes. How this works together to provide successful commercial outcomes.
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K11: Techniques to build and manage a range of stakeholder relationships.
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K12: Identify, report and handle potential fraud.
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K13: Amend an asset finance agreement, including how to process the return or disposal of an asset.
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K14: Handle complaints relating to asset finance agreements in accordance with both regulation and organisation requirements.
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K15: Inspect the physical condition of an asset that is supplied via an asset finance agreement.
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S1: Identify and apply relevant industry legislation, regulation, and codes to provide compliant asset finance solutions.
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S2: Manage asset finance data compliantly.
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S3: Validate and assess all relevant data that affects an asset finance arrangement.
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S4: Determine asset finance decisions and recommendations based on the evidence.
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S5: Contrast the features and benefits of different types of finance agreements. Select and recommend a suitable customer solution.
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S6: Explain the suitability of an asset finance agreement to the customer both clearly and fairly.
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S7: Structure and quote an asset finance transaction that is competitive, compliant, and profitable.
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S8: Negotiate a positive outcome for the customer and your own organisation.
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S9: Complete asset finance negotiations by acting compliantly and following due processes (including due diligence).
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S10: Determine and respond to changes in circumstances that occur during the asset finance life cycle. This includes potential buyouts, extensions and returns.
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S11: Identify and pay out the correct monies owed to other organisations.
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S12: Identify and deploy asset finance software.
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S13: Build and maintain working relationships with colleagues and clients.
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S14: Quality assure own work in accordance with organisational requirements.
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S15: Plan and prioritise workload to meet objectives.
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S16: Adapt the use of written and verbal communications to the audience.
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S17: Spot and report possible non-compliance and fraud, escalating issues when needed. This includes issues like theft and money laundering.
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S18: Handle complaints in accordance with both regulatory requirements and own organisations process, escalating unresolved issues where needed.
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S19: Inspect an asset to examine its condition in line with the asset finance agreement.
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S20: Recover an asset when the evidence requires it.
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B1: Show honesty and integrity in their asset finance work.
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B2: Apply a tactful approach in their dealings with others.
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B3: Adopt a curious approach to seek out solutions.
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B4: Work alone and in team settings to support organisational needs.
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B5: Take responsibility for your own personal development. Share expertise to build the capability of colleagues within their team.
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B6: Take an active interest in the affairs of the business and the wider sector.
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