GAP
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Latest News 26 JanFCA refutes rumours it will ban GAP insurance
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.
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Finance 22 SepFCA warns GAP insurers to provide fair value or risk action
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.
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Finance 13 AprPCH exposes more consumers to potential write-off risk, says AutoProtect
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.
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Supplier News 18 FebAuto Trader changes flag-up additional sales fees charged by car dealers
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”.
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Market Insight 27 Oct
Need for GAP evident as car payments outstrip housing for 1 in 4
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.
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Opinion 24 JanThe ground rules of GAP in an FCA-scrutinised market, a guest opinion
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.
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Market Insight 21 Aug
Car ownership 'essential to everyday life', say 79% of motorists
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”.
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Finance 9 JulReport shows FCA fines have trebled as enforcement cases rise
The value of fines imposed by the Financial Conduct Authority in 2018/19 increased threefold in 2018/19 compared to the prior year.
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Supplier News 19 SepiVendi introduces add-on product videos for online car sales
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.
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Market Insight 1 Aug
Car dealers' GAP sales fall 16-23% following FCA compliance legislation
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%.
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Latest News 29 JanInsurance Distribution Directive delay is ‘no reason to relax’, says The Warranty Group
A delay in insurance legislation implementation does not mean that dealers should relax their steps to comply, says The Warranty Group.
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Finance 22 MarFCA rules have not had a 'deep, lasting impact' on GAP sales
Sales of Guaranteed Asset Protection (GAP) insurance policies appear to have stabilised.
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Choose Your Supplier 5 OctEase the strain of add-on insurance sales with good partners
Facing manufacturer target pressure, more dealerships are seeking aid in selling their F&I packages.
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Car Dealer News 8 Aug'Brace yourself for FCA investigation' car dealers warned
The automotive retail sector should brace itself for a Financial Conduct Authority investigation with at least one dealership group likely to come under scrutiny.
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Finance 22 Jul
GAP and vehicle insurance providers implicated in FCA review of principal firms
GAP and motor-related insurance providers have been identified by the FCA as among principal firms failing to properly supervise appointed representatives.
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Finance 3 Mar
GAP sales 'bounce back' after introduction of FCA regulations
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.
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Finance 7 Oct
GAP sales flat in September, says AutoProtect
GAP insurance sales were flat in September, according to data from supplier AutoProtect.
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Finance 5 OctFCA rules hit dealer GAP volumes by 11% in September
UK car dealers have recorded an 11% reduction in guaranteed asset protection (GAP) insurance sales this September.
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Finance 30 Sep
Consumers 'flocking' to third party GAP providers following FCA law changes
Changes to rules governing the sale of GAP insurance introduced on September 1 have already influenced consumer behaviour.
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Car Dealer News 25 AugCar dealers reminded of new FCA rules governing GAP sales in force from September 1
Dealers are being reminded of new regulations on how guaranteed asset protection (GAP) insurance is sold to consumers is due to come into force on September 1.
