Covid-19: FCA urges firms to consider premium reductions and payment holidays

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The Financial Conduct Authority has proposed guidance for insurers, brokers and premium credit firms on ways to help customers in financial difficulty as a result of Covid-19.

It issued a statement today saying firms should consider giving customers premium payment holidays, waiving administration and cancellation fees, relaxing charges or interest incurred for missed payment, extending cooling off periods and partly refunding premium payments.

The move follows the steps watchdog has taken in

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