The FCA has updated the travel insurance section of its insurance and coronavirus webpage. The FCA says that, when buying travel insurance, customers cannot rely on their pre-pandemic knowledge and experience. It therefore expects firms to take account of the changes to the travel landscape, in their marketing, sale, design and monitoring of travel insurance products.
The FCA also expects firms to consider their regulatory requirements in light of the changed travel market. This includes requirements relating to communication (including marketing), sale standards, demands and needs, product governance and relevant coronavirus guidance the FCA has issued. Firms must also ensure they continue to treat customers fairly during the whole product cycle.