| Link(s): https://www.fca.org.uk/publications/policy-statements/ps20-3-signposting-travel-insurance-consumers-medical-conditions https://www.fca.org.uk/publication/policy/ps20-03.pdf |
Context
The FCA has issued an update on its website in relation to Policy Statement PS 20/3 to confirm that the Money and Pensions Service (MaPS) has now launched a travel insurance directory on its Money Advice Service website for people with serious pre-existing medical conditions (PEMCs).
This directory meets the FCA criteria for a medical cover firm directory which means that firms will need to take action to include details of the directory on their websites within the required timescales. This requirement is a ‘first step’ prior to the introduction of the wider signposting requirements set out in the Policy Statement.
Key points to note
- All firms which offer retail travel insurance must include details of the MaPS directory on their websites within 30 days from when the directory was made live on 8 October 2020, this means no later than 7 November 2020. This is to ensure that consumers will have access to the directory, ahead of the introduction of the signposting requirement in April 2021.
- In the future, should other directories meet the FCA criteria this will be confirmed via the FCA website and firms will be able to list the details of any of these directories.
- The Money Advice Service’s Customer Contact Centre is handling consumer enquiries on 0800 138 7777.
- Should a firm have an enquiry about the directory, they can contact the Directory Helpdesk by email on traveldirectory@maps.org.uk
From 26 April 2021, firms must signpost certain customers with pre-existing medical conditions (PEMCs) to a Medical Cover Firm Directory, as set out in Policy Statement PS20/3.
Next actions
Firms should familiarise themselves with the requirements in PS 20/3 and begin to make plans to incorporate the new rules and guidance within their travel insurance customer journeys.