Pensions - Articles - Comment on FCA Covid19 advice to insurers and intermediaries

 “These measures such as asking providers to focus on when customers miss a payment or get in contact due to financial difficulty will go a long way to help relieve consumer pressure. It also details several steps’ which firms should consider, including payment deferrals or re-assessing customer risk profiles. This guidance is helpful for firms and follows several measures, such as premium flexibility options, already announced by life insurers who have been proactive in seeking ways to aid their customers.”

 “We know that Insurers have been busy reviewing the impact of COVID-19 on their products and customers. In a recent poll we conducted, 53% of life insurers said this was receiving most of their attention at the moment, ahead of reviewing assumptions or revising asset strategy. Delivering value to customers through products is a key area of focus right now, and we are expecting more guidance from the FCA on this topic by the end of the month.”