In March 2018 the Code Governance Committee published a guidance note on the Financial Hardship obligations under the Code. It is important that Code subscribers, and those that act on behalf of Code subscribers, read and understand the new guidance notes and then review and update their documented procedures if necessary. We also recommend that insurance brokers review the guidance notes to understand what avenues may be available to their clients who are undergoing financial hardship.
The final report following the review of the current Code was published in June 2018. Work is currently underway to update the Code based on the recommendations in the report and the new Code is expected to be available in November.