7. FSA COMPLIANCE FOR SALES STAFF & MANAGEMENT (1-2 days)
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?
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)
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/
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)
Courtesy Car Insurance
Rescue & Roadside Recovery Insurance
Motor Plans - Service Plans, Winter Care Plans,
Example Inclusions - Conditions And Benefits