04/01/11

PLEASE BEWAWARE OF THE LATEST FSA UPDATE INFORMATION
– As sent by email (see below)

As you are aware the compliance procedure around credit protection insurance is continually changing and the majority of our franchise and 2nd string finance companies have now stopped offering this product. Following a recent Brand Managers meeting, it was decided that from Jan 2011 we would stop offering our own credit protection.

This will allow us to concentrate on the sale of GAP and extended Warranties and will benefit the FSA Demands and Needs process with a much reduced number of qualifying questions needed to be asked. Thus making it easier for the FSA process to be completed before delivery (as in our FSA procedure manual and sales process).

You should inform your sales executives of the following;

  1. We no longer offer advice on Credit Protection insurance , therefore, there is no need to complete a demands and needs for CPI.
  2. YOU MUST NOT RECOMMEND OR GIVE ANY ADVICE ON CPI AT ALL !
  3. If your franchise still offers CPI on the finance documents, then the customer must satisfy themselves that the product is suitable for them. The demands and needs must reflect this with no advice or recommendations given by the Sales Exec.
  4. Any pre printed IDD sheets must be destroyed and new IDD sheets used that reflect the changes in CPI policy.

The last day of CPI will be Friday the 7th January 2011, I shall change the standalone FSA system to reflect this change and the 4Sqaure Systems this coming week. I shall be changing the IDD sheets with Dealerweb and on our systems to the new wording.

PLEASE CAN YOU RESPOND TO THIS EMAIL ASAP AND CONFIRM THAT ALL SALES EXECS ARE AWARE OF THE IMPENDING CHANGES!

Brand Managers please can you ensure that this is adhered to.

If you have any questions please phone me.

Many Thanks

Regards

Jason