Selloff or Market Correction? Either Way, Here's What to Do NextSee Overvalued Stocks

UK watchdog says pandemic relief measures in insurance to start May 18

Published 05/14/2020, 06:08 AM
Updated 05/14/2020, 06:10 AM
© Reuters. FILE PHOTO: The logo of the new Financial Conduct Authority is seen at the agency's headquarters in the Canary Wharf business district of London

LONDON (Reuters) - Measures to help customers struggling to pay premiums on insurance policies during the coronavirus crisis will come into effect on Monday, Britain's Financial Conduct Authority said on Thursday.

The FCA, which put the measures to public consultation on May 1, said on Thursday that a majority of those who responded showed support.

The measures, which include deferring premiums for up to three months, would be reviewed in the next three months and may be revised if appropriate, the FCA said.

"Many firms in the insurance industry have already taken some of the actions we are suggesting here to support customers, such as premium reductions, discounts, waiving fees, and payment deferrals," said Sheldon Mills, interim executive director of strategy and competition at the FCA.

"The measures confirmed today will provide urgent support to those that need it," Mills said.

© Reuters. FILE PHOTO: The logo of the new Financial Conduct Authority is seen at the agency's headquarters in the Canary Wharf business district of London

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.