The review was originally due by October 2022; however, the FCA have now stated that they will conduct it next year when they say ‘better evidence’ will be at their disposal. Consequently, the review will now be conducted ‘in the period April to October 2023’.
In a statement, the authority explained: “We 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 our remedy from the impact of Covid-19, would undermine our ability to draw firm conclusions if we conducted the review this year.”
The review is intended to scrutinise the effectiveness of signposting requirements introduced across the UK travel insurance sector in April 2021, which require insurance retailers to signpost consumers to at least one of two confirmed specialist directories.
The two directories are the British Insurance Brokers’ Association’s (BIBA) travel medical directory, and the Money & Pension Service’s MoneyHelper website.
The FCA also introduced new product governance rules intended to ensure insurance firms provide value to customers in October 2021.