GAP insurers agree to redesign product as FCA calls halt on sales

Insurers representing 80 per cent of the GAP market - which covers the capital cost of motor vehicles - have agreed amoratorium on salesafter the FCA raised repeated concerns about lack of product value for customers.

By Neasa MacErlean

The regulator is now approaching the smaller operators in the remaining 20 per cent of the sector - with the aim of agreeing new business models that satisfy the 'fair value' requirements of the Consumer Duty.