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This week the Financial Conduct Authority has announced a new consultation on proposals to limit point-of-sale offer of GAP insurance. Feedback on its plans is required by March 13. The FCA intends for the new rules to come into force in September 2015. The NFDA will be reviewing all of the details and updating members in due course.
The NFDA are also currently working on template documents for the new Consumer Credit regime. So far we have templates for variation of permission applications and a template IDD (initial disclosure) document and we will shortly have a template for the limited permission application process. In addition to this, we are working with a number of compliance experts who can help you with your application process. Please do contact us if you have any issues with your application. From our experience most issues we can deal with by just a simple phone call.
I would also like to mention NFDA service plans which we recently launched. Working with EMaC as our service plan provider, it will underline the importance of quality in the aftersales experience for consumers, and help dealers to leverage an unrivalled support programme. Further information in this week’s news.
Sue Robinson, Director