In July 2023 the FCA issued new finalised insurance guidance on supporting customers in financial difficulty which replaces the guidance issued in November 2020 in relation to customers in financial difficulty as a result of Covid. This means that the financial difficulty being experienced by your customer which triggers this guidance can be borne out of any circumstance.
The FCA’s Financial Lives survey highlighted that in the 6 months to January 2023, 1 in 8 general insurance or protection policyholders cancelled at least one of their policies or reduced the level of cover on at least . . .
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