Broking Break: Bridging the Gap
How can brokers take advantage of changes to Gap regulations? Asks Paul Brierley, CEO, Building Block Insurance.
Last year, the FCA changed the rules on selling Gap insurance, a market worth a chunky £160m annually, to improve competition and protect consumer interests. The new rules have given brokers a good opportunity to tap into this market, traditionally monopolised by motor dealers at point of sale.
Now, the new rules include a deferred sale process for motor dealers, designed to highlight that other distributors are available. Dealers must identify the elements included in the price (splitting out
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