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FCA proposes updated guidance to support insurance customers in financial difficulty

By 2023-01-11T13:10:00

financial reserving

The regulator is aiming to solidify its stated support for consumers struggling with the cost of living crisis, says executive director for consumers and competition

The FCA has today (11 January 2022) opened a consultation on proposed updates to guidance to support insurance customers in financial difficulty.

Introduced during the Covid-19 pandemic (November 2020), the current guidance sets out expectations for insurers and premium finance firms to provide tailored support to struggling customers via, for example, payment deferrals or consulting with customers on more affordable options.

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