FCA proposes GAP insurance sales changes
New rules set to come into force in September 2015.
The Financial Conduct Authority (FCA) is proposing changes to the way that guaranteed asset protection (GAP) insurance is sold.
According to the regulator, it is looking to promote competition in the market - worth £160m - with consumers not always getting the best deal.
The watchdog highlighted that GAP insurance is usually offered alongside car sales.
Proposals
The key proposals, which stem from the FCA's first market study into general insurance add-ons are:
• a deferred opt-in or pause in the
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