Categories - General
In July, the Chancellor announced new Vehicle Excise Duty (VED) rates, which will come into effect (for new cars only) on 1st April 2017. The scheme will introduce charges across the board for carbon dioxide emitting vehicles, therefore removing exemptions which are currently in place.
We have already seen the introduction of new rules on the selling of GAP insurance from 1 September. The FLA will be working with the FCA and Retail Motor Industry Federation (RMIF) to monitor the effects of the new rules on the overall GAP market.
There are now 135 industry professionals registered for the Level 3 course we launched earlier this year with the ifs. Three applicants have already passed and several others have set a date for their exam.
We are keen to hear about the benefits SAF brings to you and your employer in day to day business and would like to hear your experiences – perhaps it has helped with customer retention or improved the confidence of sales staff
The FCA recently confirmed that from 1 September 2015 a Guaranteed Asset Protection (GAP) contract can no longer be sold at the point of sale, and a list of prescribed information will need to be provided to customers at least two clear days before any sale can be concluded.
On 1 June, we launched our new ‘SAF Advanced’ level 3 qualification to help motor finance professionals further their careers in the automotive sector.
On 2nd January the FCA introduced new rules which ban credit brokers from charging fees to customers and from requesting customers’ payment details for that purpose. Only brokers that comply with new requirements providing clear information to the customer up front regarding who they are dealing with, what fee will be payable, and when and how the fee will be payable will be able to charge an upfront fee.