Context
The FCA first published its temporary guidance in October 2020. The guidance was due to end in April 2021, the FCA therefore consulted to extend the temporary guidance on 12th February 2021 and has now issued its Finalised Guidance.
Key points to note
- The guidance applies to insurance, credit and debit card providers.
- The guidance will apply during the exceptional circumstances experienced during the Covid19 pandemic until it is varied or revoked.
- As a reminder, the guidance aims to protect consumers who may suffer inconvenience and frustration when trying to get a refund for cancelled travel arrangements or events. This may be due to complexity and delays with pay-outs, particularly where consumers are unclear as to whether they can, or should, make a claim against their credit card provider under section 75 of the Consumer Credit Act 1974.
- In the guidance the FCA sets out its expectations for insurers, credit and debit card providers when dealing with consumers looking to request a refund following a cancellation of services.
Next actions
Continue with practices introduced in October 2020.