Financial Conduct Authority (FCA) - Coronavirus and customers in temporary financial difficulty: draft guidance for insurance and premium finance firms.
The FCA has issued draft guidance setting out its expectations for all regulated firms when dealing with customers of general insurance and pure protection contracts who may be experiencing temporary financial difficulty as a result of the coronavirus pandemic (Covid-19). The guidance applies to all general insurance and protection policies and will take effect from 13 May 2020.
The FCA wants to act quickly to protect consumers in these difficult times and considers that the delay involved in publishing a formal consultation accompanied by a cost benefit analysis would be prejudicial to the interests of consumers. They are therefore not doing so and any comments must be submitted by 5pm on Tuesday 5th May.
The draft guidance can be found here.