GI firms and the FCA’s expectations during the Coronavirus (Covid-19) pandemic
20th March 2020
The Financial Conduct Authority (FCA) has updated its website with information about what it expects from general insurance firms during the coronavirus pandemic. The information provided covers a range of topics including travel, motor, home and private medical cover. It also provides clarification in relation to the suspension of products and policy renewals.
Members may access the information by clicking here.
The FCA also took time to set out for consumers what they should see from their insurance provider and said that they should consider contacting their provider if they have concerns and questions about their cover. Members may access the information for consumers by clicking here.
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.”
BIBA members’ compliance and regulation queries should be directed to: [email protected].