Regulatory AlertsFS20/5: Coronavirus and customers in temporary financial difficulty: guidance for insurance and premium finance firms
The Financial Conduct Authority issued finalised rules and guidance requiring insurance and premium finance firms to support customers experiencing temporary financial difficulty due to coronavirus. The measures include offering payment deferrals of one to three months, reviewing insurance cover to ensure appropriate protection, and waiving fees or providing discounts. These requirements apply to eligible retail and small business customers and came into effect on 18 May 2020 with a scheduled review within three months.
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