Reference Case Number: FOI11685
Freedom of Information: Right to know request:
Please advise the information you sought and considered when undertaking your investigation of GAP policies: the information you sought, the questions you asked, and the data you sought to collect.
FCA response:
Prior to engaging with the GAP insurance market, we considered our general insurance value measures data. We published data covering the period between January to December 2022 and expressed our concerns about the value that GAP insurance provided to consumers.
When we first wrote to GAP insurers in September 2023, we asked for the following:
- Information on commission, gross written premium and claims information
- The firm’s existing assessment(s) that demonstrate its GAP products provide fair value to customers as required by our rules (PRIN 2A.4).
- The firm’s proposals for improving the value of its GAP products.
There were further questions we asked individual firms where we required clarification or to complete gaps in the information provided.
Please note, we prohibited from disclosing information relating to firms’ individual responses as it constitutes to ‘confidential information’ for the purposes of section 348 of the Financial Services and Markets Act 2000 (FSMA), and which the FCA has received in the discharge of its public functions. We are therefore prohibited from disclosing this information under section 44 of FOIA. For more information on why this exemption applies, please see Annex A.