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FSA to begin insurance audits, dealers warned

Dealers are being warned by the Financial Services Authority (FSA) to ensure they are complying with new regulations governing the sale of motor insurance products.

The news was announced by Louise Wallis, business development manager for the Retail Motor Industry Federation, who was addressing dealer groups from around the country at an FSA compliance forum in Oxford organised by automotive business process consultants Ebbon-Dacs.

Wallis said the RMI had received reports that mystery shopping by trading standards officers had commenced and that they would be reporting any non-compliance discovered back to the FSA. Full FSA audits would begin by the end of May, she said.

“Dealers need to be ready and clearly the FSA will not audit all dealers at once and may take up to 12 months to get to some dealers – but they are coming, “ she said.

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