FCA has written a Dear CEO letter to the life insurance sector setting out its expectations on firms during the cost of living crisis. It reminds firms:
- to give protection insurance customers appropriate information at all times, and to make them aware of options they have if they are struggling to pay premiums;
- to make pensions, long term savings and retirement income customers aware of their options and the consequences of accessing or stopping contributions to pensions and savings, and the risks of chosen draw-down strategies;
- to ensure that annuities and equity release or lifetime mortgage products offer fair value for customers as they are set to become more popular;
- generally to provide support to customers struggling with debt;
- to ensure they use anti-scam protections wherever possible; and
- to consider their own operational resilience.