The rules, dictated by the Financial Services Authority, mean that retailers will have to meet special authorisation requirements or lose one of their most valuable income streams. Experts are urging dealers to start preparing and warn there are only eight months to the July 13 deadline when retailers must have completed the paperwork and have staff fully trained. The legislation comes into force in January 2005.
Now Autavis, the automotive industry training body, has developed a training package to help dealers find their way through the FSA regulatory minefield.
Nick Wright, commercial director, says: “Dealers that want to sell insurance products must get trained or face the consequences. This training package will remain effective and up-to-date and it will take into account changes in the market, products and legislation.”
Oxford-based Autavis is offering an off-the-shelf solution as well as a bespoke package with prices starting at £99. It is available online, as a CD-ROM, DVD or video.
The company is in talks with a number of dealer groups and carmakers about supplying the training package, which is approved by the Institute of the Motor Industry. The package works by firstly assessing how much staff already now about the regulations, the products, principals of insurance and the insurance industry. It then creates an individual training plan before the next stage offers a range for tutorials. Topics include customer cancellation rights, GAP insurance and policy wording.
Interactive assessments takes place throughout the programme and further development needs are identified as staff progress through the scheme.
Autavis was set up two years ago and employs 22 full time staff. It has registered 100,000 course completions across its range of automotive training packages.