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Get a head start on the new FCA regulation changes
The Financial Conduct Authority (FCA) is introducing a range of regulatory changes on 1st September to promote competition in the market and protect consumers. It is important that dealers and other financial service providers adapt their sales processes to ensure minimum disruption to their operations.
Getting a head start on the changes will allow ample time for your sales team and business to adapt. The changes are important and will lead to greater trust and loyalty among your customer base.
If you want to get a head start and prepare for the impending FCA regulatory changes coming into force from 1st September 2015, download our FREE eBook for the latest information, advice and guidance.
What should dealers do to prepare?
The FCA regulatory changes will inevitably impact your business and the way you sell GAP insurance and other add-on products. There is a lot to review before they come into play on 1st September, so it is worth reviewing your business operations now. Here are a few areas to look at:
What to look at
- Business culture – The FCA wants to remove the feeling of pressure from the sales process. Customers should be given information and time to decide whether they want to buy a financial product. Ensure your team isn’t under pressure to secure a quick sale, which feeds pressure into the customer experience.
- Sales process – Introduce pre-sale information on GAP insurance early on in the process; that way when the customer comes to pick up their keys they are ready to sign the paperwork and conclude the sale. Alternatively, be ready to follow up with a phone call four days later or ask if your GAP provider can do this for you.
- Communication – Conveying a product’s value, quality and benefits in clear, understandable language will be more important than ever. The four-day deferral rule is designed to encourage customers to shop around and ensure they are getting the best deal. So now is the time to make sure your products are offering the best value for money.
Car Care Plan offers a free Dealer Health Check, which includes an assessment, report and advice on improving business. Sign up today.
Latest FCA regulation changes
The FCA’s thematic review of the add-on market includes products such as GAP insurance. It has led to the introduction of a number of new regulations to the sales process to ensure consumers are making a fully informed decision when purchasing the product.
As part of Car Care Plan’s commitment to its dealer partners, we have produced a series of free to download eBooks on FCA regulation changes and what dealers can do you prepare:
- Get ready for FCA Regulation changes in September 2015 – download
- How the FCA changes will affect you – download
- The FCA and your customers – download
If you have any questions or would like advice about the upcoming FCA regulatory changes, you can contact Car Care Plan here.