Context
In April 2021 the FCA introduced new requirements to help consumers with more serious pre-existing medical conditions (PEMCs) better navigate the travel insurance market. Part of the requirements introduced the rule that firms would have to signpost consumers to a directory of specialist firms that provide this type of insurance.
Key points to note
- The FCA has taken the decision to delay the post implementation review of the travel signposting rules by a year.
- They intend to conduct the review in the period April to October 2023.
- They consider the impact of Covid-19 on the travel insurance market, both in terms of level of market activity and the challenges separating the impact of the remedy from the impact of Covid-19, would undermine their ability to draw firm conclusions if the review were conducted this year.
- They expect that there will be better evidence available in 2023 to conduct the review.
Next actions
None – for information and awareness