It was always my understanding if the FCO advised against travel then it's up to the Tour Operator to either offer an alternative arrangment and/or cancellation plus to advise the passengers. However, it could also depend on when you are travelling - if you're not going until next summer for example, the advice may change by then so they will more than likely be contacting the more imminent departures first of all.
If you're travelling soon, then I would recommend you contact your Travel Agent or Tour Operator depending on how you made your holiday reservation.
This is what the FCO website says in relation to the area you are travelling to:
For this reason, we advise against all but essential travel to the Governorate of South Sinai, with the exception of (i) the Red Sea Resorts including those in the entire region of Sharm el Sheikh, Taba, Nuweiba and Dahab; (ii) road travel between these resorts; and iii) transfers between the resorts and the airports of Taba and Sharm el Sheikh.
Link to page here for anyone else travelling in the near future:
http://www.fco.gov.uk/en/travel-and-living-abroad/travel-advice-by-country/middle-east-north-africa/egypt