6: F&I
From April 1 this year, the Financial Conduct Authority (FCA) took responsibility for regulating the UK’s £200 billion consumer credit market.
Following a six-month transition period, dealers will have to comply with the FCA’s ‘principles for business’, such as ‘treating customers fairly’. The FCA has put insurance add-ons under its spotlight and the dealers contacted for this feature to talk about selling GAP were concerned about speaking on the record.
As with all aspects of selling showroom add-ons, the right process and sticking to it consistently is key.
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