The Financial Conduct Authority has reminded insurance firms to review the value of their products in light of the impacts of coronavirus.
The watchdog has asked firms to complete their reviews by 3rd December 2020. This follows guidance published in June and setting out its expectations for insurers and intermediaries to consider the value of their products in light of the exceptional circumstances arising from COVID-19.
The guidance highlighted that the impact of the coronavirus pandemic could affect the value of insurance products for customers. In particular, where firms have been unable to provide benefits or where changed circumstances mean the product now provides little or no utility.
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