BIBA responds to FCA Feedback Statement

travel insurance document
Travel insurance

The UK Financial Conduct Authority (FCA) recently put forward a Call for Input following its recently released Feedback Statement regarding improved access to travel insurance for people with pre-existing medical conditions, and the British Insurance Brokers’ Association (BIBA) has welcomed the suggestions.

The FCA’s update, issued on 2 April, stated that it believes a multi-lateral approach would build on some of the good practice regarding signposting, and this Feedback Statement will apply to providers and brokers of travel insurance, trade bodies representing these firms and consumer organisations.

Speaking of some of the specific details within the FCA’s Feedback Statement, Graeme Trudgill, BIBA Executive Director, said: “We believe an outcome similar to the multi-lateral approach taken in the ‘agreement on age and insurance’ would be the best way forward in helping customers.”

The FCA stated: “Since issuing the Feedback Statement back in July 2018, we have been working with stakeholders to explore different options for signposting people with pre-existing conditions to travel insurance providers that are able to provide them with suitable insurance.”

Trudgill added: “BIBA has been running a successful signposting service for older people under this agreement since 2012 and received over 600,000 enquiries on age and insurance since then. We believe this successful model can be replicated to help travel insurance customers with pre-existing medical conditions.”