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Preparing for FCA regulation changes in September

Are you prepared for the FCA regulation changes coming into effect on 1^st September 2015? The sooner you start working to the new standards the better. And your customers will thank you as the changes are geared towards giving them a better purchasing experience.

Not sure what regulation changes we’re talking about? Download our latest FREE eBook – Get ready for the FCA regulation changes – for details, advice and guidance.

You need to start looking at your sales procedures now. And if you’re not already working with Car Care Plan (we’d recommend you do!) speak with your GAP insurance administrator or underwriter about what they are doing to help.

What you should be doing

If your dealership sells GAP insurance, the FCA regulation changes will impact your business. There is no avoiding it. You need to consider your sales processes and operations to ensure you are compliant – or face fines and other penalties.

Of course, it’s good practice to supply your customers with pre-sales information anyway but does the information you currently provide cover all FCA requirements? Learn more about the FCA’s presales information requirements in our blog, FCA regulations on prescribed information ahead of GAP sales.

Areas of your business to review:

• Business culture – putting staff under pressure to make a sale or customers to buy should be avoided;
• Sales processes – pre-sale information should be provided early and staff should be prepared to follow up the sale following the required deferral period;
• Communication – communicating the FCA changes to your staff and ensuring customers benefit from clear information on GAP products is essential.

What Car Care Plan is doing

Car Care Plan is working closely with dealer partners to ensure they are compliant with FCA regulations and are ready to implement the changes. Our sales and compliance teams are fully trained and ready to support dealers while they adjust. We are:

• Changing our core systems to allow easy data logging for GAP sales
• Designing pre-sales information samples for dealer partners
• Training dealer sales teams to ensure they are prepared
• Consulting with finance companies to understand the wider sector approach
• Conducting an extensive communications campaign with dealer partners.

Car Care Plan provides FREE dealer health checks to ensure you are doing everything you can for your customers, including meeting FCA regulations