Tweet
The FCA is proposing changes to promote competition in the £160 million guaranteed asset protection (GAP) insurance market, including limiting the point of sale advantage for GAP sales made on the vehicle showroom floor and making it easier for consumers to shop around.
The FCA’s proposals aim to improve competition in the market and enable people to make more informed decisions. The key proposals are:
a deferred opt-in or pause in the sale. A salesperson can start the sales process but can’t conclude the sale for a set time period, giving customers time to consider whether they need the product at all and to shop around if they do;
a requirement for add-on GAP distributors to provide information that will encourage consumers to shop around, including by advising them that they can purchase the product elsewhere.
http://www.fca.org.uk/news/fca-propo...surance-market
The FCA’s proposals aim to improve competition in the market and enable people to make more informed decisions. The key proposals are:
a deferred opt-in or pause in the sale. A salesperson can start the sales process but can’t conclude the sale for a set time period, giving customers time to consider whether they need the product at all and to shop around if they do;
a requirement for add-on GAP distributors to provide information that will encourage consumers to shop around, including by advising them that they can purchase the product elsewhere.
http://www.fca.org.uk/news/fca-propo...surance-market
