FCA spent almost £7m on BI court case
The regulator brought the case to provide clarity for policyholders on payment of business interruption claims arising from the pandemic and subsequent lockdown.
Last year, the insurance industry and business owners were gripped by the court case brought by the Financial Conduct Authority (FCA) to decide whether or not business interruption payments should be made to policyholders forced to shutdown due to coronavirus.
The FCA, which brought the case on behalf of policyholders, has confirmed to Insurance Age that its spending hit £6.9m between 31 March 2020 and 31 March 2021.
Following a Freedom of Information request, the watchdog stated: “We have
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