This guidance sets out measures to help customers who hold insurance and premium finance products and who continue to face financial difficulties because of coronavirus (Covid-19).
On 16 October 2020, we published 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. This follows the temporary measures that have been in place since May this year.
The guidance sets expectations that firms provide tailored support to customers who have already had a payment deferral and those newly in financial difficulty due to changed circumstances relating to coronavirus.
Stakeholders expressed broad support for our proposals during a short period for comments. We have therefore finalised our additional guidance with amendments to address stakeholders’ feedback. Our approach is set out in our Feedback Statement.