Eight out of ten insurance firms have agreed to pause sales of Guaranteed Asset Protection (GAP) insurance at the request of the financial watchdog.
The Financial Conduct Authority has just told AM it has "no intention of banning GAP Insurance", in response to unsubstantiated reports that the product must be scrapped this year.
The FCA has given insurers a three-month ultimatum after recent data revealed that guaranteed asset protection (GAP) products could be failing to provide fair value.
AutoProtect is urging automotive retailers that are offering PCH finance to consider how consumers can be better protected in the event of a vehicle write-off.
Changes set to be introduced to the Auto Trader platform in May will flag-up additional fees charged by car retailers in an effort to make online sales more “fair, consistent and transparent for car buyers”.
Car finance payments outweigh rent or mortgage payments for one in four UK drivers aged under 55, according to an Opinium and InsureTheGap survey of 2,000 motorists.
The Financial Conduct Authority (FCA) said, as part of its 2018/2019 Business Plan, it would strive to investigate the effectiveness and impact of its interventions into certain markets and industries.
The importance of the car for everyday mobility has been highlighted by a survey in which 79% of motorists claimed that owning a vehicle was “essential for everyday life”.
The value of fines imposed by the Financial Conduct Authority in 2018/19 increased threefold in 2018/19 compared to the prior year.
A new range of four short animated videos about add-on products has been created by iVendi in an effort to support car dealers' online sales efforts.
The Financial Conduct Authority has revealed that its GAP insurance sales legislation has led to an average fall in car dealers’ sales of between 16 and 23%.
A delay in insurance legislation implementation does not mean that dealers should relax their steps to comply, says The Warranty Group.
Sales of Guaranteed Asset Protection (GAP) insurance policies appear to have stabilised.
Facing manufacturer target pressure, more dealerships are seeking aid in selling their F&I packages.
The automotive retail sector should brace itself for a Financial Conduct Authority investigation with at least one dealership group likely to come under scrutiny.
GAP and motor-related insurance providers have been identified by the FCA as among principal firms failing to properly supervise appointed representatives.
GAP sales are starting to recover following an initial slump that resulted from the introduction of new regulations from the Financial Conduct Authority on September 1.
GAP insurance sales were flat in September, according to data from supplier AutoProtect.
UK car dealers have recorded an 11% reduction in guaranteed asset protection (GAP) insurance sales this September.
Changes to rules governing the sale of GAP insurance introduced on September 1 have already influenced consumer behaviour.
