What is it?
The FCA have introduced new rules on how GAP insurance is sold to customers by automotive retailers.
You can read the full details here: http://www.fca.org.uk/your-fca/documents/policy-statements/ps15-13
GAP Insurance must have a deferred opt-in period of 4 days (including the day on which the prescribed information is provided).
The customer can choose to opt-in at any time after 1 day has elapsed from being informed.
The retailer cannot initiate a sale of GAP insurance during the 4 day deferral period, but can do so after the 4 days has elapsed.
Retailers must be able to demonstrate their process for adhering to the FCA rules.
What’s good about it?
Retailers will be FCA compliant by nature of restrictions and warnings introduced into SalesMaster.
How do I use it?
When completing the quotation for vehicle in Orders, record the date that the customer is advised of Guaranteed Asset Protection insurance in the Informed field underneath the GAP dealer option.
The red advisory notice will then change to reflect dates that the deferral is in place.
Printing of all documentation containing a non-approved GAP purchase will not be possible.
The customer can initiate the purchase of GAP at any time after 1 day has elapsed from being informed. To complete the GAP purchase in this scenario, tick the customer initiated box and complete the date of customer approval.
A green advisory notice will be displayed indicating that the sale was made following customer initiation and printing of all documentation containing an approved GAP purchase will now be possible.
Once the 4 day deferral period has elapsed the retailer can initiate a sale of GAP insurance. As above, the date of customer approval should be recorded and the advisory notice will be updated.
Printing of all documentation containing an approved GAP purchase will now be possible.
Who can use it?
This feature is available to customers who have access to both Vehicles and Orders.
Any small print?
During the deferral period, GAP insurance will require supplementary invoicing to enable you to print any related order documentation. It can be returned back to the main order should the customer agree to the purchase.