Regulatory AlertsFS20/13: Coronavirus and customers in temporary financial difficulty: feedback on draft updated guidance for insurance and premium finance firms
The Financial Conduct Authority has finalized updated rules and guidance extending temporary support for insurance and premium finance customers facing coronavirus-related financial difficulties until 31 October 2020. The regulator requires firms to grant payment deferrals of up to three months without canceling policies and to treat customers fairly at the end of deferral periods, disregarding their own commercial interests. These measures aim to protect consumers while clarifying expectations regarding communication, vulnerable customer care, and compliance with the Consumer Credit Act.
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