FCA guidance on customers facing financial difficulty

During COVID-19

Adam Saville
clock • 2 min read

Expectations for firms dealing with protection customers experiencing temporary financial difficulty

The Financial Conduct Authority (FCA) has issued guidance on how insurance firms, including intermediaries, can help minimise the impact of financial distress on customers with general or pure protection insurance contracts during the coronavirus pandemic. The guidance comes into force on 15 May. The regulator has outlined a number of actions firms can take once it has identified a customer in financial distress as a result of COVID-19. These include re-assessing the risk profile of the consumer; considering whether there are other products available which would meet the customer's needs...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Individual Protection

Half of UK adults support scrapping of IHT

Half of UK adults support scrapping of IHT

71% oppose 40% IHT rate increase

Patrick Brusnahan
clock 05 October 2026 • 1 min read
Two in five homeowners have no protection: MetLife

Two in five homeowners have no protection: MetLife

25% said they could not afford cover

Jaskeet Briah
clock 02 October 2026 • 1 min read
Major life events likely to impact retirement savings for 62% of adults

Major life events likely to impact retirement savings for 62% of adults

Scottish Widows findings

Jaskeet Briah
clock 02 October 2026 • 2 min read