By Manori Ravindran
Insurance customers can now ask for payment holidays and premium refunds
14.05.2020 - 15:47 / dailyrecord.co.uk
The Financial Conduct Authority (FCA) has implemented temporary measures to help insurance and premium finance product customers who may be struggling financially as a result of the coronavirus pandemic.
From Monday, May 18, firms will need to consider whether other products are more suitable to meet a customer’s needs or whether cover needs to be revised.
This includes allowing customers to change to cheaper policies and letting them remove add-ons at no cost if their lifestyles have changed
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