FCA draft additional guidance for insurance and premium finance firms on customers in financial difficulty
Regulatory Updates | 16/10/20
The Financial Conduct Authority (FCA) has published draft guidance, Coronavirus and customers in financial difficulty: additional guidance for insurance and premium finance firms. The draft contains the FCA’s proposals on how firms should continue to seek to help customers who hold insurance and premium finance products and may be in financial difficulty because of coronavirus (COVID-19), after 31 October 2020. It follows the temporary measures that have been in place since May 2020, and sets out how firms should provide tailored support to consumers who have already had a payment deferral and those newly in financial difficulty due to changed circumstances relating to coronavirus.