CII response to FCA guidance for insurance and premium finance firm

In response to the FCA extending a series of temporary measures to help customers who hold insurance and premium finance products and who may be in temporary financial difficulties because of coronavirus (Covid-19), Keith Richards, managing director of engagement for Chartered Insurance Institute, said: “With many people who have either seen drops in their income, or income stopping entirely, any action an insurer can take to reduce even a small part of a household’s financial strain, is one we should all champion.

“Without being prescriptive as to what actions firms have to take, but by giving them the flexibility to consider all options, the FCA has allowed insurers the opportunity to find solutions that work best for customers and themselves, rather than attempt a one size fits all policy.

 

“This versatility in the face of an unprecedented situation will mean firms can respond quickly to the needs of the individual and should be commended.”