In July 2019, the FCA consulted on new requirements for firms to signpost certain consumers with PEMCs to a directory of travel insurance firms that are able and willing to cover consumers with more serious PEMCs. The FCA received 37 responses to the consultation from mainstream and specialist insurance firms, FCA trade bodies, medical screening companies, charities, consumer organisations and price comparison websites. Policy Statement PS20/3 (published yesterday) summarises the feedback received to this consultation, the FCA’s response and sets out the final rules and guidance the FCA is making as a result.
The FCA has made changes to the Handbook, introducing new requirements to help consumers with more serious PEMCs better navigate the travel insurance market. Firms that sell travel insurance will have to signpost consumers to a directory of specialist firms that provide this type of insurance.