7. FSA COMPLIANCE FOR SALES STAFF & MANAGEMENT (1-2 days)
WHO FOR
This course is obligatory for any Sales Managers and Sales Executives a wishing to sell insurance products. Without evidence they have knowledge of the FSA and the processes required to sell under the FSA regime, then sales executives will not be deemed competent to sell insurance related products. Without the evidence of insurance training and competence they could leave their dealership liable for non compliance fines and even a ban on selling insurance related products.
AIMS OF THE PROGRAMME
On Completion Of This FSA Workshop Delegates Will:
• Have An Understanding Of The FSA And How It Affects Their Dealership.
• Be Aware The Importance Of The FSA And Its Regulations.
• Know The Purpose Of FSA Regulations.
• Be Able To Offer The Required Advice On FSA Requirements.
• Know Key FSA Procedures, Policies And Complaints Handling.
• Have A Base Level Understanding Of General Insurance Principals.
• Have An Understanding Of The Main General Inclusions And Exclusions Of Key Insurance-Based Products Dealerships Often Offer.
• Be Reminded Of The Most Appropriate Way To Sell Insurance-Based Products.
THE MAIN THEMES THAT WILL BE COVERED ARE:-
FSA COMPLIANCE REQUIREMENTS
• Who The FSA Is
• The FSA - Statutory Powers
• Who Is Included In The FSA Compliance Regime And Why?
• FSA ICOBS
• The IMD, EMD, DMD
• What The FSA 9 Principles For Business Are
• What The 7 FSA Standards Are
• The FSA Principles Of Business Relevant To The Sales Process
• FSA Specific Objectives For The Regulation Of Insurance Selling And Administration
• Being A Directly Authorised Firm With An Appointed Representative
• Products Within The Motor Industry That Are Affected
• The FSA's 'Threshold Conditions'
• The FSA Criteria For Employees Advising On Or Selling General Insurance
• Personal Indemnity Insurance
• Who Is Responsible For What Documentation?
• "IDD - Initial Disclosure Document"
• "Demands And Needs Statement" (Duty Of Care Forms)
• Insurance
• Policy "Key Facts Summary Statement"
• Qualification Forms and FSA Compliance
• Commission Disclosure Requirements
• Financial Services Act Of 1986
• The Benefits Of Being Regulated By The FSA For General Insurance
• Distance Selling Policies And Procedures
• The FSA's Policy With Regard To Insurance Complaint Handling
• The Procedure For Handling And Investigating Insurance Complaints
• The Policy Holders Protection Board
• The Insurance Ombudsman
• Who Is Responsible For Insurance Claims Handling?
• What You Need To Do To Provide An Audit Trail For Proof Of FSA Compliance?
• FSA Compliance And Training Review Methods
GENERAL INSURANCE PRINCIPLES
• Why Do You Need To Understand General Insurance Principles And Wording?
• What Is Insurance/
• Assurance,
Compulsory Insurance
• Insurable Interest, Indemnity, Contribution, Subrogation,
• Proximate Cause, Utmost Good Faith
• Risk: Peril: Hazard
• 3 Key Elements To A Contract
• What Is An Agent And Ways Of Becoming An Agent
• The Claims Process
• Insurance Wording & Meanings
COMMON FEATURES, BENEFITS, INCLUSIONS AND EXCLUSIONS OF GENERAL INSURANCE PRODUCT
• Total Loss Gap Insurance (VRI)
• Finance Gap Insurance
• Credit Protection Insurance (CPI)
• Extended Warranty
• Car Insurance
• Courtesy Car Insurance
• Rescue & Roadside Recovery Insurance
• MOT Insurance
• Tyre Insurance
• Motor Plans - Service Plans, Winter Care Plans,
• Example Inclusions - Conditions And Benefits