Dealers can attend free GAP insurance roadshows to learn how rule changes will affect them.
The new Financial Conduct Authority (FCA) regulations will come into force on 1 September.
Automotive Compliance, the only company directly authorised by the FCA as a principal firm for both consumer credit and general insurance, specifically for the retail motorcycle industry, will be holding the roadshows and inviting all dealers who would like a greater understanding of the do’s and don’ts under the new regulatory ruling.
MD Paul Guy explains: “The new rules have a major impact on the way in which a motorcycle dealer sells GAP insurance and represents a significant change to the industry. We have to change the way this product is sold, which for most dealers generates an important revenue stream.”
The most significant change is to the four-day deferred period between prescribed information being given out and the order being taken, which will mean every dealer having to change their sales process and procedures. Anyone who does not will fall foul of the regulator, who has already confirmed additional field staff will be in place to ensure rules are followed.
Automotive Compliance believes the new rule does not need to be a sales prevention.
The roadshows will last two hours and will take dealers through these rule changes in motorcycle trade terminology that can be translated directly into the showroom process, along with an overview of how we are working and supporting our Appointed Representatives in implementing these new rules in following a compliant sales process.
On the day, Automotive Compliance dealer development managers will also be available to answer questions.
Three dates have been announced so far – in Bristol on 18 August; Stoke on Trent the next day; and Bexley Heath on 20 August.
Dealers can register at www.automotive-compliance.co.uk,
www.fsa.gov.uk/register/home.do