Insurers’ QC claims FCA is “forcing a square peg into a round hole” in BI test case

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Jonathan Gaisman QC, representing Hiscox, continued his arguments from the day before, claiming the FCA has “thrown away the rulebook” in order to allow its causation exercise and that the regulator’s approach is not justified.

Gaisman further stated that the FCA’s proposed counter-factual – a situation where the pandemic had not happened – is “artificial” because it requires people to imagine something that never happened.

He maintained that Hiscox’s proposed counter-factual, the Sweden

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