From January 14 next year, new Financial Services Authority regulations will come into force dictating that only FSA-authorised dealers will be able to sell motor insurance products to consumers. Dealers have until July 13 this year to apply to the FSA to be recognised as authorised suppliers.
Ebbon-Dacs has teamed up with online training specialist Autavis to help dealers gain authorisation. A new electronic FSA compliance module can be bolted on to Ebbon-Dacs' existing Integrated Showroom and Best Quote Direct dealer showroom products, or can be operated as a stand-alone. Ebbon Dacs' Best Quote Direct, which links dealers to multiple lenders, will be enhanced to enable dealers to sell their own credit protection insurance or that supplied by their main lenders.
At the same time, Autavis, which specializes in online training for car distributors and dealers, has developed an integrated sales, finance and FSA training programme, accredited by the Institute of the Motor Industry, to help dealers meet all their regulatory obligations. Autavis will also be running a series of seminars detailing the full FSA requirements for insurance sales authorization.
- Norwich Union's motor trade division has added its voice to those urging dealers to tackle FSA compliance urgently, with the application deadline now only six months away.
Application packs are available now from www.fsa.gov.uk/mgi. Applications must be submitted to the FSA by 13 July 2004 for guaranteed processing by 14 January 2005. Motor traders should contact their usual insurance advisor, who will also be required to comply with this regulation, for further advice and guidance.