May 14, 2020 / 10:09 AM / 23 days ago

UK watchdog says pandemic relief measures in insurance to start May 18

FILE PHOTO: The logo of the new Financial Conduct Authority (FCA) is seen at the agency's headquarters in the Canary Wharf business district of London April 1, 2013. REUTERS/Chris Helgren

LONDON (Reuters) - Measures to help customers struggling to pay premiums on insurance policies during the coronavirus crisis will come into effect on Monday, Britain’s Financial Conduct Authority said on Thursday.

The FCA, which put the measures to public consultation on May 1, said on Thursday that a majority of those who responded showed support.

The measures, which include deferring premiums for up to three months, would be reviewed in the next three months and may be revised if appropriate, the FCA said.

“Many firms in the insurance industry have already taken some of the actions we are suggesting here to support customers, such as premium reductions, discounts, waiving fees, and payment deferrals,” said Sheldon Mills, interim executive director of strategy and competition at the FCA.

“The measures confirmed today will provide urgent support to those that need it,” Mills said.

Reporting by Huw Jones; Editing by Edmund Blair

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