In the UK, several major insurance companies, including Direct Line Group and Admiral Group, have suspended the sale of policies that cover the depreciation of car values following intervention by the Financial Conduct Authority (FCA). The FCA's concerns centered around customer fairness, leading to the crackdown on providers of add-on car insurance. It was revealed that only 6% of the premiums from these policies were being paid out in claims.
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"FCA clamps down on providers of add-on car insurance in UK" (FT) "The biggest providers of a type of add-on insurance for car buyers have agreed to pause selling the product" "The FCA said that only 6% of the premiums were being paid out in claims" $DLG $ADM https://t.co/XIcKeAdyPA
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FCA clamps down on providers of add-on car insurance in UK https://t.co/kheOAdFKY9
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Multiple UK insurance companies have agreed to stop selling policies that cover declining car values after the Financial Conduct Authority raised concerns about customer fairness https://t.co/rO3OD428bk