“Mapfre is taking a proactive stance on this,” he added. “We remain adamant that dealers play a vital role in identifying and satisfying consumer needs for GAP and all F&I products. This is something we’ll continue to be vocal about over the coming months.”
Tim Heavisides, chief executive at Car Care Plan, welcomed dealers’ pragmatic approach to complying with ever-evolving regulation in the market.
“A central part of our role in support for dealers is making sure products are being sold appropriately to buyers,” he said.
“They’ve embraced that approach with enthusiasm. Regulation is a continually moving entity. What’s compliant now might shift in the future, but the FCA is doing a great job of making sure the regulation evolves steadily over time.”
Heavisides said it was inevitable that selling and processes would need to move along with the regulation. “That’s where dealers need to use their partners to help with training and development plans,” he added.
“Our experience of working with the FCA is that it doesn’t want to penalise businesses. The authority does want to make sure that customers are receiving a fair deal and being presented with products in the right way.”
He said training formed the backbone of compliant distribution and Car Care Plan’s business development managers worked closely with dealers and manufacturers.
> Don’t miss AM’s inaugural F&I Compliance Conference which takes place on Tuesday 18th November. Full details can be found online by visiting www.amfandicompliance.co.uk.