July 24, 2020 / 9:51 AM / 20 days ago

Britain to extend COVID relief measures for insurance consumers

FILE PHOTO: A man walks by empty restaurants in Leicester Square as the number of coronavirus cases grow around the world, in London, Britain, March 17, 2020. REUTERS/Dylan Martinez/File Photo

LONDON (Reuters) - Britain’s markets watchdog said it was proposing to extend temporary relief measures to help insurance customers facing difficulties due to the coronavirus pandemic until the end of October.

The Financial Conduct Authority introduced temporary guidance to insurers in mid-May for three months to avoid consumers leaving themselves uninsured because they could not afford the premiums.

“Where amendments to the insurance cover do not help alleviate the customer’s temporary payment difficulties, firms will be expected to grant a payment deferral of between 1 and 3 months, unless it is obviously not in the customer’s interest to do so,” the FCA said in a statement.

Reporting by Huw Jones; Editing by Hugh Lawson

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