Protection providers should adopt FCA guidance to help clients

For insurance arrangements, this includes measures such as:

  • Re-assessing the risk profile of the consumer to see whether they could be offered lower monthly payments
  • Considering whether other products can be offered which better meet the consumer’s needs
  • Providing help to avoid the need to cancel necessary cover.

According to the regulator, where customers hold premium finance credit regulated agreements, help could include allowing the customer to make no or reduced payments for a specified period, or suspending, reducing, waiving or cancelling any further interest or charges.