FCA guidance on customers facing 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...