Dealers are being reminded of new regulations on the way guaranteed asset protection (GAP) insurance is sold to consumers is due to come into force on September 1.
Sue Robinson, National Franchised Dealers Association director said of the Financial Conduct Authority regulations: “It is important to note that any car sold with GAP that is delivered on or thereafter this date, and has been ordered prior to September 1, will be subject to the new rules.
“Dealers will be required to call customers in by Friday, August 28 and ensure they have the prescribed information about the GAP products they are being offered.”
If dealers have any questions or concerns ahead of these new rules, the NFDA hotline number is 01788 538 303.
NOTES TO EDITORS:
The Retail Motor Industry represents the interests of operators in England, Wales, Northern Ireland and the Isle of Man providing sales and services to motorists and businesses. The RMI has a formal association with the independent Scottish Motor Trade Association which represents the retail motor industry in Scotland.