05 June 2020

This article was written by Anna Davies.

The finalised guidance includes the following changes from the draft, to clarify that firms:

  • should consider the value of products where, due to the impact of coronavirus, there has been a material reduction in risk so that they are providing little or no utility to customers, and not just where claims are no longer possible;
  • are not expected (under the new guidance) to assess value on an individual customer level, but should consider the FCA’s guidance on helping customers in financial difficulty as a result of coronavirus;
  • can assess the longer-term impacts of coronavirus on their insurance products on an ongoing basis beyond the 6-month period set out for product reviews resulting from the guidance. 

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