Recent changes in FCA GAP rules necessitated swift process changes.
The immediate changes made for 1st September have been reviewed and the following update will enhance the use of AutoProcess within the dealer sales process.
- Following quick capture of customer information and the delivery / presentation of Key Information, the suitability and eligibility questions on Statement of Demand and Needs (SoDaN) for GAP and RTI products will be freely available for completion from DAY 1 onwards (these are currently locked until day 4 following delivery of key information).
- Though suitability and eligibility questions can be completed as the benefits of the policy are presented to a customer, the customer response and purchase process will continue to be governed by the current system process which meets the deferral period requirements (i.e. a customer cannot purchase a GAP product on DAY 1; customer initiation must be confirmed by disclaimer on DAY 2 & 3; access is free on DAY 4).
- On day 1, if a customer declines the GAP / RTI policy, this can be input as an NTU (Not Taken Up) on the SoDaN.
- On day 1, if a customer indicates interest in purchasing this policy, this should be captured as ‘customer considering’ and can be concluded within deferral period rules.
- The subsequent process remains as current.