Industry reminded of Covid-19 product value review deadline

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The Financial Conduct Authority has reminded the market that decisions on action to take around product value amid Covid-19 must be in place by 3 December.

The watchdog asked firms in June to review their product lines and act where products have not delivered the intended value to customers. This could include providing alternative benefits, reducing premiums or partial refunds of premiums paid.

The FCA said that following a review of the guidance published earlier this year it had decided to

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