In February 2020 the Financial Conduct Authority (FCA) published a Policy Statement setting out new signposting rules for firms that provide travel insurance to help consumers with pre-existing medical conditions with the purpose of helping them to find a policy at an affordable price. Whilst All Med Pro does not provide a huge volume of clients with Travel Insurance, we do from time to time offer this either as a standalone policy or as part of a wider High Value Home Insurance package policy. The new Policy Statement includes the requirement for firms to signpost consumers with pre-existing medical conditions to a directory of providers which specialise in covering more serious medical conditions which may be otherwise difficult to insure with most other providers.
The aim of this is to ensure consumers who are declined cover, have exclusions for pre-existing medical conditions, or are required to pay an additional premium of £100 or more to cover such medical conditions, are provided with the opportunity to find alternative cover and get better outcomes.
The FCA has worked closely with the Money and Pensions Service to provide a solution that achieves the required outcomes for the consumers concerned, and in July 2020 announced that MaPS was developing a directory of specialist providers, with firms required to include details of the directory on their websites within one month of the directory being made live.
The directory has only recently gone live and can be found here.