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Brief
Summary:
The Financial Conduct Authority (FCA) has requested and obtained an agreement from multiple insurance firms to pause the sale of Guaranteed Asset Protection (GAP) insurance, which accounts for 80% of the market. The regulator is concerned that the product is not providing fair value to some consumers. The FCA has asked firms to take immediate action to prove customers are getting a fair deal, but after assessing the responses, the regulator was not satisfied. As a result, the firms have agreed to make changes to their GAP products to provide better value for customers, in line with FCA rules.
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