Covid-19: Product value under FCA microscope
Providers urged to consider how value of products has changed as customers alter behaviours during coronavirus with product refunds proposed.
The Financial Conduct Authority (FCA) expects insurers to assess the value of their insurance products to customers during this period and to consider appropriate action.
This might include changing how benefits are delivered, refunding some premiums or suspending monthly payments for a certain period of time.
The watchdog said it proposes to give insurers up to six months to assess this so that it can take into account effects of coronavirus in a more rounded manner.
The measures were
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