There have been 58 graduates of the Diploma in Asset Finance, nearly double the amount of graduates compared to last year.

Now in its second year, the qualification was developed jointly with the London Institute of Banking & Finance and the Finance & Leasing Association (FLA), in consultation with the asset finance industry, to establish common standards and recognise the skills and expertise of those in the sector.

The diploma is intended to provide those working in the asset finance sector with the in-depth knowledge they need to operate effectively and the opportunity to attain an industry-recognised qualification.

The graduation ceremony for this year’s successful graduates was held in London on September 10.

Stephen Sklaroff, director general of the FLA, said: “One of my proudest achievements during the last 12 years as Director General of the FLA is having overseen the creation of the diploma.

“It was devised in response to our members’ request for a qualification that would complement existing training, and develop the expertise and professionalism of those in the industry. The excellent level of take-up from our member companies shows the success of the diploma in meeting that remit.”

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Alex Fraser, chief executive of The London Institute of Banking & Finance said: “It’s really encouraging to see how engagement with this qualification has grown over the past year. Industry support for developing the skills and depth of knowledge needed in this important sector is to be commended. Our qualification not only helps to do that but also stands individuals in good stead for a long and successful career.”

The Diploma in Asset Finance is a Level 5 qualification registered with Ofqual in the Regulated Qualifications Framework (RQF).

The Finance & Leasing Association is a trade body for the asset, consumer and motor finance sectors in the UK, and the largest organisation of its kind in Europe.

Figures released by the FLA showed that asset finance new business grew by 6% in June, compared with the same month in 2018.