FIN.

FCA reminds of insurance product value importance

FCA has reminded insurance firms that they need to complete their reviews of the value of their products in the light of the pandemic. The reviews follow FCA’s guidance published in June, highlighting that there are areas of products where firms may have been unable to provide benefits because of the pandemic or where changes in circumstances mean the products are of little or no use to customers.

FCA has confirmed it does not propose to update this guidance, and reminds firms they must complete their reviews and decide on what action to take by 3 December.

Emma Radmore