global insurance management

ABI Overview

Guidelines for retailers of Warranty and GAP products

This year consumer focused guidelines come into force for insurers and retailers alike relating to products such as Warranty, GAP Insurance and other ancillary products.

These guidelines have been issued by the ABI (Association of British Insurers) with the backing of the FSA (Financial Services Authority) in line with their Treating Customers Fairly regulations. The SMMT (Society of Motor Manufacturers and Traders) and the Finance and Leasing Association have submitted their full support for the guidelines.

Both retailers and insurers are expected to comply with the guidelines set by the start of 2012. Currently there is no intention by the FSA of applying the code retrospectively to policies already sold, but those found not to be in compliance could risk being reported to the FSA for further investigation in future.

 

 

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