AMI welcomes insurer changes following FCA guidelines

'Insurers need to be clear on how they deal with broker commission'

Adam Saville
clock • 2 min read

On 14 May, the FCA confirmed guidance to helping customers who may be facing financial difficulties

The FCA guidance applies to general insurance and protection contracts and aligns the assistance available to options provided for other financial products, such as mortgages and unsecured loans. The Association of Mortgage Intermediaries (AMI) said it is supportive of insurers who allow customers to pay back deferred payments over a period of months. "The ability to stagger repayments rather than in one lump sum may encourage the customer to keep their cover in force, instead of cancelling a direct debit," said an AMI statement. "This ensures that cover such as protection continues unin...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Regulation

Implications of the PRA's 2025 life insurance stress test

Implications of the PRA's 2025 life insurance stress test

A regulatory shift

Sheikh Yasir
clock 01 November 2024 • 4 min read
Industry reacts: Autumn Budget 2024

Industry reacts: Autumn Budget 2024

Missed opportunities for health

Cameron Roberts
clock 31 October 2024 • 5 min read
Autumn Budget 2024: OBR predicts rise in IPT haul

Autumn Budget 2024: OBR predicts rise in IPT haul

Rate unchanged by Chancellor

Cameron Roberts
clock 31 October 2024 • 2 min read