FCA orders insurers to take action on BI claims
Interim CEO Christopher Woolard sets out the regulator's expectations after the High Court handed down its judgment in the BI test case last week.
The Financial Conduct Authority (FCA) has called on insurers to pay valid and successful business interruption claims in full as soon as possible to support policyholders.
In a Dear CEO letter to the insurance industry interim chief executive officer, Christopher Woolard, set out the regulator’s expectations on providers following the handing down of the judgment by the High Court last week.
He warned that the watchdog will use its “full range of regulatory tools and powers” to ensure that
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