Analysis

What does the FCA’s actions on Gap mean for the future?

By 2024-03-05T08:00:00

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We’ve heard that the unofficial threshold for that payout rate may be set at 30%, with business lines falling under that level likely to draw increased scrutiny from the FCA, says co-founder

It has long been rumoured that the new Consumer Duty regulations would make the FCA more interventionist – and that is proving to be true with the recent regulatory action taken against providers of gap (guaranteed asset protection) insurance.

With insurers agreeing to suspend sales of the product it remains to be seen whether further action will be taken, with fines still a real possibility.

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