FCA finalised guidance on cancellations and refunds

Regulatory Updates | 02/10/20

The Financial Conduct Authority (FCA) has published finalised guidance, Cancellations and refunds: helping consumers with rights and routes to refunds. Since the start of the coronavirus pandemic, there has been an unprecedented number of cancellations of trips, holidays, and other events, and in the circumstances consumers are generally entitled to claim a refund from the travel or service provider or one of the travel guarantee schemes. This guidance, relevant to credit and debit card providers and insurance providers, is designed to ensure that these firms handle enquiries and claims from consumers in a way that minimises inconvenience to the consumer.

The guidance is effective from 2 October 2020 until 2 April 2021, with the FCA planning to consider the future of the guidance before the end of the effective period.