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At the end of 2014 the FCA published proposed remedies for the sale of GAP following their market study. The FCA concluded from the market study that car dealers had a competitive advantage by selling GAP at point of sale when compared to stand-alone insurance providers. This is something the NFDA disputes as we believe dealers offer an important service to car buyers who want to buy GAP products as dealers are able to explain fully the benefits of GAP and qualify their customers to ensure they only buy products suitable for them. This is something that online stand-alone insurers are unable to offer.

The FCA proposed a number of changes to the way GAP is to be sold to consumers by dealers. The proposals were consulted on in early 2015 and have now been published as final without significant change despite robust lobbying from the NFDA. These remedies also only apply to dealers and not stand-alone insurers. The remedies are as follows:

  • Dealers will be required to give customers prescribed information about the GAP product they are being offered. This should be given in a durable medium in a clear and accurate format. Information must include: total premium, significant features and benefits, duration of the policy and whether sold in connection with the finance agreement.
  • A deferment period of four days from the time the prescribed information is given to the customer until the sale of the GAP insurance can be concluded.
  • Customers will have the option to waive the deferment period and to buy the product the following day after receiving the prescribed information. The customer must initiate this for themselves and should not be coerced by the dealer.

These remedies will be implemented on 1 September 2015. The NFDA have lobbied hard for a postponement of the implementation date because of the tight timescale this involves but this has been rebuffed by the FCA.

Although we are disappointed with the FCA and their final remedies, we must take comfort from the fact that the deferment period is now down to four days from initial proposals of a 30 day or longer deferment period. We are still concerned that the remedies leave a disparity between the dealer GAP market and that for stand-alone providers and that there is no longer a level playing field in selling GAP.

For a copy of the FCA’s remedies and final rules please go to

For more information please contact


Posted by Sue Robinson on 12/06/2015