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.
Experts discuss next steps for brokers, industry reputation and expectations from clients after the High Court delivered an outcome that differed across the policy wordings under scrutiny.
Move comes after the court ruled in favour of policyholders in relation to one of QBE’s policy wordings as well as Marsh’s Resilience wording.
Some providers involved in the business interruption test case are considering an appeal, while others welcome the result.
Broker trade body says it hopes the industry can move on following the High Court's decision yesterday and that any appeal will be “sorted out quickly” for the sake of policyholders.
Disease and ‘hybrid’ wording policyholders are particularly well placed to seek compensation after the landmark High Court judgment today in the FCA's BI test case and those with prevention of access wordings may also find they have cover, law firm…
MD Simon Mabb, along with the Night Time Industries Association, says he is both “pleased and frustrated” at the ruling from the High Court, as he notes Hiscox claims have been deemed legitimate, but the QBE result is “still unclear”.
The High Court today found in favour of the FCA and policyholders on the majority of the key issues under scrutiny in the business interruption test case.
The High Court has ruled that the majority of businesses who held business interruption insurance and were forced to close could be entitled to be compensated by the insurers.
Body urges industry to work on product governance, improving advice processes and establishing an approach to pandemics.
Insurers will find out next week if their denial of coronavirus business interruption claims is legal.
Compliance specialists say brokers should make sure their procedures are in line with the expectations of the FCA.
In a Dear CEO letter, Roma Pearson, head of retail GI, calls on brokers to address their strategies and improve their governance and warns the watchdog will take action.
Recognising vulnerability: Putting vulnerable customer guidance into practice will give a boost to customer retention and help build a stronger brand, says Michael Sicsic
Regulator says fraudsters are giving out details of the authorised company as part of their tactics to scam people in the UK.
The action group, which is also a claimant in the FCA BI test case, started legal proceedings against Hiscox earlier this year after the provider rejected coronavirus-related business interruption claims.
The temporary rules and guidance will now be in place until 31 October, while the FCA notes it is looking at making aspects of the measures permanent.
Ardonagh’s £26m purchase of the motorcycle specialist approved by the FCA, but the ongoing CMA inquiry looking at how the transaction impacts competition in the market continues.
The #justpayit campaign has highlighted that some providers are reducing BI payouts to businesses which have received government support grants.
The provider has also reserved $232m for Covid-19 related claims as it reports H1 2020 numbers.
Lord Justice Flaux has confirmed the middle of September as the target date for a draft judgment in the business interruption court case brought by the Financial Conduct Authority against UK insurers.
QC accuses FCA of failure to show causal connection between government action and the disturbance to the insured businesses
Insurers argued the Financial Conduct Authority is “unable to demonstrate” any meaningful connection between the action taken by the UK government on a national basis in response to Covid-19 pandemic and the locality of firms’ premises, as the court…
Insurance Cares: The watchdog has called on financial services firms to do more to ensure vulnerable customers receive positive outcomes as it consults on guidance.
Providers argue regulator’s case doesn’t work because access to premises was not prevented during pandemic as lawyers for Hiscox, Ecclesiastical, MS Amlin, Arch Insurance and Zurich make their submissions.