Covid-19: FCA confirms measures to help financially strained insurance customers

money

Move requires firms to consider payment deferrals, premium reductions and waiving cancellation fees.

The Financial Conduct Authority (FCA) has confirmed a series of temporary measures to help insurance and premium finance customers who may be in financial difficulty because of coronavirus.

The regulator detailed that, following a short consultation, the measures being implemented on 18 May require firms to consider what options they can provide to customers including: 

Reassessing the risk profile of customers. This may have changed because of coronavirus and there may be scope to offer

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