LONDON, May 14 (Reuters) - Measures to help customers
struggling to pay premiums on insurance policies during the
coronavirus crisis will come into effect on Monday, Britain's
Financial Conduct Authority said on Thursday.
The FCA, which put the measures to public consultation on
May 1, said on Thursday that a majority of those who responded
showed support.
The measures, which include deferring premiums for up to
three months, would be reviewed in the next three months and may
be revised if appropriate, the FCA said.
"Many firms in the insurance industry have already taken
some of the actions we are suggesting here to support customers,
such as premium reductions, discounts, waiving fees, and payment
deferrals," said Sheldon Mills, interim executive director of
strategy and competition at the FCA.
"The measures confirmed today will provide urgent support to
those that need it," Mills said.
(Reporting by Huw Jones; Editing by Edmund Blair)