RSA – Helping customers in financial difficulty
As part of our ongoing commitment to keeping members up to date with the latest from our Insurer Partners, please see the latest from RSA below:
New guidance from the FCA came into force on Monday 18th May regarding ways to help people who are in temporary financial difficulty as a result of COVID-19.
At RSA, this means we will have to change some of the options we provide to customers to help them through this period. Our expectation is that you will also be implementing the necessary steps to apply the FCA guidance.
Where your customer experiences financial distress and/or requires temporary financial relief from paying their premiums we recognise that you will be discussing their risk profile and cover needs to determine if there are any appropriate changes which could be made to the policy. We can provide flexibility in the cover level and support different payment options, including the consideration of interest charges where these apply.
Please contact us if you are having challenges in meeting the FCA’s expectations in respect of your distribution of RSA products.
RSA payment support
We understand that in these extraordinary times your customers may experience financial difficulties which would impact your ability to make payments to RSA for any monies due. Under such circumstances, and if amendments to the cover are not appropriate or, where changes may be appropriate but do not help alleviate the temporary payment difficulties, a payment deferral may be needed.
If so, we may be able to support you and your customers in the following ways:
- Offering the option of payment deferral between one and three months for all customers where it is in the customer’s interest to do so
- Providing different options to pay back the deferred payments at the end of any agreed deferment period
If Commercial customers, who normally pay monthly via direct debit or annually via your monthly statement, experience difficulty paying their premium as a result of COVID-19, please email COVID.firstname.lastname@example.org, including their policy number and date of next instalment to discuss their situation.
Please note that if a customer contacts us directly to request a payment deferral, we will ask them to get in touch with you to fully assess their situation and help determine, in accordance with FCA’s guidance, what the best course of action is.
Other payment arrangements
If your customer has a Premium Credit arrangement, please contact Premium Credit directly. Where customers pay by means of other third party arrangements, we would expect you to work with that third party to make sure that customers are provided with suitable support in accordance with FCA’s guidance.
Thank you for your ongoing support and understanding and please don’t hesitate to get in touch with your RSA representative if you would like to talk any of the above through.