Proposals to support insurance customers who are in financial difficulty after October due to coronavirus have been outlined by the City regulator.
The Financial Conduct Authority (FCA) said its new draft guidance aims to prompt firms to help customers, where possible, to reduce the impact of financial distress and ensure they continue to have insurance that meets their needs.
Some customers may need temporary support while others may need help longer-term, the FCA said. Temporary measures to help customers have been in place since May, but they are set to run out at the end of the month.
The new proposals will mean consumers who have already had a payment deferral as well as those newly in financial difficulty will still receive support