Four insurers able to restart selling GAP insurance – FCA
The Financial Conduct Authority has confirmed that four insurers can restart selling guaranteed asset protection insurance after it took action in February and March to halt sales across the market.
Fortegra Europe Insurance Company, Motors Insurance Company, Amtrust Europe and Financial & Legal Insurance Company can now sell products, the FCA listed.
The watchdog stressed that the businesses are doing so “with materially lower levels of commission being paid out to those selling GAP, improving value for customers”. It had previously seen rates in the market as high as 70%.
In February the FCA announced that insurers covering 80% of the market had agreed to pause sales.
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