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.
Since the start of the year, over 5,000 new users from 480 new companies have registered to take the SAF test – and 81 businesses have achieved SAF Approved status for the first time, meaning that all of their customer-facing staff have passed the test.
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.