Asset finance practitioner

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.