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AM reviews insurance regulations

Dealers risk jail if they continue to sell or advise on insurance-based products after January 2005 – unless they become accredited by the Financial Services Authority.

That stark warning is being issued by finance houses, warranty suppliers and insurers after the FSA released further details about its impending clampdown on the industry. The rules are intended to improve the levels of service offered by suppliers of insurance-based products to consumers. Already, suppliers are saying they will not allow retailers to sell their products unless they become fully authorised.

AM is publishing a comprehensive review of the FSA regulations, together with advice about what dealers need to do, in the January 30, 2004 issue. This supplement, sponsored by Car Care Plan, GE Capital and Autavis, will be an invaluable reference for retailers as they go through the authorisation process.

“Retailers who do not prepare for the regulations immediately will be in for a shock,” says AM editor Stephen Briers. “We urge them to sit up and take notice – this will not go away. AM will help them get through the process, via our supplement and through monthly columns outlining what action needs to be taken.”

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