On 20 June 2017, the Financial Conduct Authority published a Call for Input on access to insurance following the issues raised in its May 2016 Occasional Paper on access to financial services in the UK. The occasional paper discussed the problems faced by consumers when trying to find insurance to meet their needs – whether they could find insurance at all, or at a price they could afford.
The call for input invites stakeholders to express their views on the challenges firms face in providing travel insurance for consumers who have, or have had cancer, together with the rationale for pricing differentiations in quoted premiums. In particular, the FCA is seeking input to help it better understand key issues such as:
- the current challenges in providing travel insurance for consumers who have, or have had, cancer;
- the challenges consumers who have, or have had, cancer face in accessing the travel insurance market and in finding suitable travel insurance;
- innovative practices currently in place;
- the barriers to dealing with existing challenges or to innovation; and
- what more can be done to improve the ability of consumers that have, or have had, cancer to obtain suitable insurance.
The deadline for comments on the Call for Input is 15 September 2017. The FCA intends to publish its finding in Q4 2017.