FCA hammers GAP insurance as it issues general warning on high commission levels

Matt Brewis, Director of General Insurance and Conduct Specialists / Supervision & Retail Authorisations, FCA
Matt Brewis, Financial Conduct Authority
Photo: ABI

The Financial Conduct Authority has written to insurers, calling on them to take action, as it released the latest set of fair value data and again brought the spotlight onto the issue of high commission levels.

Alongside the data and specific action on guaranteed asset protection insurance, Matt Brewis, the FCA’s director of insurance, has sent a ‘Dear CEO’ letter to all insurance firms.

He has reminded them of the FCA’s expectations that they ensure they’re checking their products are providing fair value to their customers.

The watchdog highlighted further evidence that some GAP products may be failing to provide fair value to customers.

GAP

According to the FCA’s figures, for GAP insurance, only

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