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FCA regulation changes – are you ready?

The Financial Conduct Authority (FCA) has proposed changes to their regulations surrounding the add-on market. They are currently conducting consultations and will present their findings within the next few months. In the latter part of 2015, the new regulations will be introduced and you need to be ready.

There is still time to review and comment on the FCA proposals. The consultation period closes on 25 June 2015. Visit their website to find out more.

What is the reason for the changes?

The FCA is taking action to ensure customers get a fair deal when purchasing financial aftercare products. They found that anti-competitive sales tactics are not providing the customer with enough choice so they have proposed to ban opt-out selling and improve product information, among other elements.

What can you do to prepare?

Car Care Plan has published a FREE eBook to give dealerships information on the proposed FCA changes and what they can do to ensure they are compliant when they come into effect. In addition, we have also published a series of blogs to give you further information and advice. Here are some quick links so you can get up to speed:

• How the FCA changes will affect you – download our FREE eBook
• The FCA and your customers – click here

Product specifics

• What are the benefits of selling MOT Test Cover – click here
• Advice on selling Vehicle Warranty – could you improve – click here
• What are the benefits of selling Roadside Assistance – click here
• What are the benefits of selling cosmetic, tyre and alloy cover – click here

What about staff incentives?

The FCA has also changed guidance on how incentives can be used to motivate sales staff. This will ensure they are not chasing a sale solely for monetary gain but also to increase customer satisfaction ratings, among other criteria. It is hoped these changes will further ensure customers are getting a fair deal when it comes to purchasing financial aftercare products.

Car Care Plan has published a FREE eBook on the FCA’s sales incentive regulations as well as several blogs. You can find them all below:

• Staff incentives – how will FCA changes affect you? Download our FREE eBook
• Do you use financial incentives to motivate your staff? – click here
• Top tips for reviewing your staff incentives so they meet FCA regulations – click here
• What to consider when designing staff incentive schemes – click here
• Quick guide to spotting good and bad incentives – click here

If you have any questions or concerns about the FCA’s regulations and proposed changes, please contact Car Care Plan on 0844 573 8000 or email us.