FCA opens client support consultation and reiterates need for brokers to treat customers fairly
The Financial Conduct Authority has opened a consultation on protections for insurance customers in financial difficulty proposing to update guidance introduced during the Covid-19 crisis.
The watchdog published finalised guidance in November 2020 for insurance and premium finance firms to support customers in financial difficulty due to the pandemic. This followed on from temporary measures being put into place in May 2020.
The regulator stressed that the latest proposals will provide clarity to firms about how they should support all struggling customers.
It listed that under the guidance, insurers should consider whether a different product is more suitable for customers
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