Extension to COVID-19 insurance measures proposed
The Financial Conduct Authority (FCA) has unveiled proposals to extend measures brought in to help people affected by the COVID-19 pandemic retain their insurance.
The FCA has already brought in measures to help people keep possession of their vehicles during the current crisis and to help maintain insurance for them. Since then, further support for motor vehicle financing has also been brought in too.
The new proposals would extend the existing measures designed to help keep vehicles insured until October 31st, and would see insurers be “expected to grant a payment deferral of between one and three months” in circumstances where “amendments to the insurance cover do not help alleviate the customer’s temporary payment difficulties.”
The FCA is inviting comments on this proposal, and the deadline is 5pm on July 28th. Comments can be sent to the FCA here.