FCA Intervention for Cancer patients purchasing Travel Insurance

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A recent article in the Financial Times by Oliver Ralph gives a realistic view of the problems faced by people suffering with cancer who want to purchase travel insurance and why the FCA have decided to request evidence of the issues people with cancer are facing when it comes to buying travel insurance.

The speech delivered by Christopher Woolard, Executive Director of Strategy and Competition at the FCA offices in London on 23rd June, he made some very valid and important points relating to the travel insurance issues with a very poignant conclusion :

“Our Occasional Paper on Vulnerability explained that financial services need to be able to adapt to the changing circumstances that life throws at people, rather than being designed for the perfect consumer who never experiences difficulty.

This Call for Input represents an opportunity for the industry, regulator and consumer groups to work together to produce meaningful change for an extremely vulnerable section of the consumer population.

Indeed, I hope the theme of collaboration will be central to our discussion today and I hope we can put some of the most important issues on the table.

But today is about more than just a conversation – it’s a call to action.

Detriment, as described in the paper, is being suffered now. As I said, by 2020, almost 1 in 2 of us will get cancer in our lifetime. Around half of those diagnosed with cancer today will live for at least 10 years after diagnosis.

Today’s event will set the agenda and future actions to bring people together and to drive solutions that ultimately benefit consumers. I know everyone is here today to be part of that.

Ultimately this is about the most vulnerable consumers in society who have as much right to access financial products that meet their needs as anyone else.”

The above information has been sourced from https://www.fca.org.uk/news/speeches/improving-access-insurance and we would recommend that you read the full speech to find out exactly what the FCA are proposing for the future.

If this subject has had an effect on you or your friends / family, you could look to join the group as launched by Bought by Many called Travel Insurance for Cancer Patients where you can find out more about their travel insurance policy for cancer patients. https://boughtbymany.com/offers/travel-insurance-for-cancer-patients/