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The consultation will run until the 13 March 2015 and the proposed implementation date for the remedies is 1 September 2015.
In the consultation the FCA confirm their beliefs that the process of selling GAP at point of sale impacts consumer buying behaviour and that there is a lack of transparency and comparability of GAP products in the market. They still firmly believe that the GAP market does not have effective competition and dealers have a clear point of sales advantage.
The FCA want to introduce 2 remedies.
Dealers will need to provide key information to the consumer for the deferred period to start. This will be:-
It would appear that the FCA are still wedded to an opt-in, although a much shorter one than has been talked about previously.
The NFDA are working on a response to the consultation and would appreciate member views on the proposals.