Regulatory AlertsCoronavirus and customers in temporary financial difficulty: guidance for insurance and premium finance firms
The Financial Conduct Authority issued this guidance to require insurance and premium finance firms to treat customers experiencing temporary financial difficulties due to coronavirus fairly. Firms must offer options such as reassessing risk profiles, adjusting cover, waiving fees, and granting payment deferrals of one to three months to prevent policy cancellations. The regulator expects these measures to be implemented by 18 May to mitigate underinsurance risks and ensure customers retain appropriate coverage during the crisis.
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