FCA warns it might repeat GAP intervention in other product sectors
The Financial Conduct Authority has said that it might need to repeat the intervention it has taken in the guaranteed asset protection [GAP] market in other sectors.
The warning came with the publication of its second full year of general insurance value measures data covering January to December 2023 and latest Thematic Review: Product Oversight and Governance – General Insurance and Pure Protection.
In September 2023, after the prior year’s data was released, the regulator wrote to GAP insurance providers asking them to address its concerns over value, having identified that in some distribution chains as little as 6% of premiums were paid out in claims.
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