News From 2010
August
FSA now sets it's sites on GAP insurance
Following the long running review of the Credit Protection market, the FSA are now focusing on the sale of GAP insurance.
Taken straight from the FSA website http://www.fsa.gov.uk/smallfirms/your_firm_type/motor/gap.shtml, this is what it says.....
The market for guaranteed asset protection (GAP) insurance is growing. You must be sure that your management controls and training for the selling of GAP insurance products is comprehensive enough to ensure that your customers are treated fairly.
We require those who sell it to know the product’s limitations and applicability to a particular customer’s needs. Your firm’s management must ensure that:
• They are clear about advised and non-advised sales;
• Customers understand the product and any jargon used;
• That it is made clear to customers that GAP insurance only
provides cover for financial loss after any payout from the
customer’s primary comprehensive insurance policy;
• It is made clear to the customer how the insurer calculates the
payout – this includes knowing what optional extras purchased
alongside the vehicle might be excluded and how the provider
interprets Glass’s Guide valuations;
• Customers are made clear that this is an optional purchase. GAP
should not presented as a compulsory feature of a
vehicle finance deal;
• Customers are given a clear outline of how to make a claim;
• Customers are not pressured into a purchase; and
• It is clear customers have a 14-day cooling off period.
June
FSA to be abolished - Consumer Protection and Markets Authority to regulate all authorised firms
In his first Mansion House speech last night (16th June), Chancellor George Osborne announced that the Financial Services Authority "will cease to exist in its current form" by 2012.
Under the reforms, four new bodies will be created: a banking regulator operating under the Bank of England's control; a Financial Policy Committee at the Bank; an agency to deal with "serious economic crime" and a Consumer Protection and Markets Authority. It is the latter of these which will take up the role of regulating the advice and sale of general insurance products.
Responding to the Chancellor's speech, chairman of the FSA Lord Turner said: “The FSA now has the clarity of direction and time-scale as well as the leadership that we need to meet the challenges ahead.
“On retail customer protection, the FSA has recognised the need for a shift in our past approach, moving to the more interventionist approach which we set out in our recently published retail conduct strategy. The new Consumer Protection and Markets Authority will have a strong focus on this challenge, while also maintaining strong focus on conduct issues in wholesale products.”
Lord Turner recognises that some aspects of regulation, such enforcement activity, still need to be resolved.
He added: “But the overall future shape of financial regulation is now much clearer and we are in a strong position to create a future regulatory system which builds on the FSA’s achievements over the last few years of major change.”
> Read MoreMay
Porsche Cars GB choose E-learningonline™
> Read MoreApril
FISC to link with Codeweavers
FISC and Stoke based Codeweavers set to work on system links
> Read MoreMarch
We Haved Moved!
FISC move to new offices!
> Read MoreFebruary
FISC to move to new Headquarters
David Smith FISC's Managing Director says that moving to new larger and better equipped offices is absolutely necessary as the business continues to expand.
David explains 'We are delighted to be moving to our new offices at the end of March this year. We have been in Sheffield's city centre for the past 5 years. The new offices are on the city outskirts just off the M1 motorway which gives our clients much easier access. The new offices provide us with much more space and more facilities to showcase our products. 2010 will be a big year for us as we continue to improve our product range and expand our client base. We are in the process of hooking up with some exciting new key partners that will help us achieve our 30% growth target for the year.'
Watch this space for details!
January
Merritts Motor Group to use FSA Tracker™
Merritts Motor Group, representing Peugeot, Vauxhall & Jaguar, are the latest company to choose FSA Tracker™ as their compliance platform within their group.
West London Motor Group to use FSA Tracker™
Southern based West London Motor Group, will use FSA Tracker™ as their FSA compliance platform across all 11 franchised sites. The group holds franchises for Nissan, Peugeot, Kia & Fiat.
Norton Way Motor Group choose FSA Tracker™ & E-Learningonline™
Norton Way Motor Group whose franchises include Peugeot, Honda, Mazda, & Suzuki, will use both FSA Tracker™ & e-learningonline™ to handle their FSA Regulatory requirements across their entire group.