Regulatory Alerts2023-01-09
Added · Updated
PS23/9: Finalised insurance guidance on supporting customers in financial difficulty
The guidance applies to insurers, insurance intermediaries, and premium finance firms, requiring them to support customers with non-investment insurance policies who are in financial difficulty. It clarifies that firms should consider actions to support customers and take into account their circumstances, including vulnerability, in line with the Customer’s Best Interests rule and the Consumer Duty. The guidance explicitly excludes contracts of large risks distributed to commercial customers and states that firms are not required to create new systems or processes to identify customers in financial difficulty. The guidance comes into effect on 31 July 2023.