FCA Financial Relief for Insurance Products - Which? response

Which? commends the FCA for extending these measures to support those consumers financially affected by coronavirus, and for the pace at which the FCA has acted across a range of issues in recent months.

For many consumers, coronavirus will cause financial hardship, including loss of income in ways that they could not have anticipated. Extending the availability of payment deferrals will help continue to provide vital support for customers of general insurance and pure protection contracts. We are pleased that many protections will continue to apply, which will ensure that consumers can continue to receive the assistance they need.

We believe these proposals are cohesive, clear and broadly consistent with those for other financial products, which will minimise the risk of confusion and unfairness among consumers who hold products with multiple providers. There are a few areas in which we would like to see clarification.