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FCA confirms measures to help insurance customers who may be suffering financial difficulties as a result of coronavirus

FCA confirms measures to help insurance customers who may be suffering financial difficulties as a result of coronavirus

FCA confirms measures to help insurance customers who may be suffering financial difficulties as a result of coronavirus

Today we are confirming a series of temporary measures to help customers who hold insurance and premium finance products and who may be in financial difficulty because of coronavirus. This follows the short consultation we announced on 1 May 2020.

The measures will come into force on Monday 18 May 2020. They will be reviewed in the next 3 months in the light of developments regarding coronavirus and may be revised if appropriate.

For further information on today’s announced measures, please see our full press notice. The key actions for firms are detailed below for ease of reference.

Please note that our consultation on guidance setting out our expectations for insurers and insurance intermediaries to consider the value of their products in light of coronavirus closes on 15 May. If confirmed, the measures would come into force by the end of May.

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