Compliance consultancy

i inspire consulting can provide the following services tailored to suit your needs.

• Management guidance and support.
• FCA application returns and design and roll out of organisational directives.
• Dealership health-check and needs analysis.
• Training and coaching.
• Deal file audits.
• Staff monitoring, observations and individual competency assessments
• Compliance manual and business plan design and support.
• FCA site audits, deal file checks and process review

The FCA GAP Rules as of September 1st 2015

Firms distributing GAP insurance in connection with the sale of Motor Vehicles (add-on-GAP) will be required to:

• Implement a mandatory deferral period for the product being presented & sold on the same day.
• Provide customers with prescribed information.

The FCA expect to see better customer outcomes from more informed purchasing decisions and improved competition between add-on and standalone distribution channels as a result of these measures

What does this mean to you?

• You are not able to sell or take an order for GAP Insurance on the same day as the vehicle purchase.

• You must provide customers with prescribed information to help them shop around and be more engaged when making decisions about purchasing the product.

• There is a mandatory 4 Day deferred period for the customer to research the product once the product has been introduced and prescribed information given.

• A confident customer however can instigate a purchase on the following day “Sunset Clause” which means 1 day after the order form.

• On the following day the customer can solicit back to the dealer that he or she is a confident, well informed customer and have elected to go ahead. Waving their 4 day rights.

• If the customer does not elect to waive their rights and has not indicated they are a confident customer, you must wait a minimum of 4 days to resolicit a GAP Purchase.