Compliance & Regulatory Update for you; The Financial Conduct Authority (FCA) has today set out expectations for general insurance firms and provided information for consumers about what they should see from their insurance provider during the coronavirus pandemic.
The FCA has provided information about a number of topics including travel, motor and home, and private medical insurance. It also provides clarification in relation to suspension of products and policy renewals.
Christopher Woolard, interim Chief Executive of the FCA said:
“We have already seen some firms make significant efforts in difficult operating conditions. We expect all firms to be clear and not misleading whenever they communicate and be fair and professional in how they deal with their customers.
“Customer behaviour is changing.We expect insurance firms to recognise this and treat their customers fairly, recognising the circumstances customers may find themselves in. We would not expect to see a customer’s ability to claim affected by circumstances over which they have little control.
“Any customer concerned about their insurance should consider contacting their provider with any questions they may have.”
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