FCA: GAP insurers agree to suspend sales following FCA concerns over fair value

FCA has announced that multiple insurance firms have agreed to pause sales of GAP insurance, following a request from the regulator.  FCA notes that the firms which have agreed to this action account for 80% of the GAP market.  The regulator will carry out a second tranche of engagement with the rest of the GAP market, with the aim of improving the value of the product across all firms. These firms have agreed not to use new distributors of GAP in the interim.