Financial Conduct Authority (FCA)
FCA reveals vulnerable customer guidelines
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.
Insurers’ QC claims FCA is “forcing a square peg into a round hole” in BI test case
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.
Unprecedented challenge for broker PI as prices double and exclusions threaten non-compliance
News analysis: Experts question legality of Covid-19 exclusions in brokers' PI policies and warn of trouble with doubling of premiums, providers reducing capacity, as compliance specialists call on the FCA to make it clear whether Covid-19 exclusions are…
Hiscox QC accuses FCA of “tearing up the rule book on causation”
Jonathan Gaisman, QC, branded parts of the Financial Conduct Authority’s arguments as camouflage, a misuse of language and “blurring every divisible thing into one amorphous mass” as he defended Hiscox in the ongoing business interruption test court case.
Covid-19: FCA seeks to extend measures to help insurance customers who are struggling financially
The regulator wants the measures, which require firms to consider premium reductions and payment deferrals, to be extended to 31 October.
RSA QC lambasts ‘clear misuse’ of the word ‘peril’ by action group
Representing RSA, David Turner QC, accused the Hospitality Insurance Group Action of “clear misuse” of the word ‘peril’ on the on the fourth day of the hearing of the Financial Conduct Authority’s Covid-19 business interruption test case.
Blog: Insurance in the danger zone
The FCA BI case is dragging the reputation of the whole insurance sector through the mud. Ashwin Mistry reflects on how trust can be restored.
QC calls on court to treat insurers fairly
Insurers dive into the causation debate, slamming the FCA’s approach to the ‘but for’ test as the business interruption case continues in the High Court.
Action group brands insurers' focus on lack of specific pandemic cover 'a diversionary tactic'
Insurers’ repeated argument that policies were not intended to cover pandemics has been described as “a diversionary tactic” on the third day of the Financial Conduct Authority’s business interruption test case.
FCA picks apart insurer reliance on Hurricane Katrina judgment in BI test case
On the second day of the Financial Conduct Authority’s business interruption test case, the regulator’s lawyers argued there are key issues with the Hurricane Katrina Orient Express judgment insurers are expected to lean on during the case.
FCA versus insurers as test case showdown begins
It was confirmed up to 370,000 policyholders may be affected by the test case which aims to decide on the validity of business interruption cover during the coronavirus outbreak.
FCA seeks views on SM&CR following deadline extension
The regulator has published a consultation paper on amending its rules in the wake of coronavirus.
Insurers haul brokers into FCA BI case again
A joint skeleton argument attacks the FCA’s stance that SME customers are not sophisticated insurance buyers because they used brokers and slams Contra Proferentem as “restrictive” and “out of step”.
Insurers argue FCA victory would lead to ‘injustice’
Defendants in the Financial Conduct Authority’s BI test case warn providers could be liable for losses they never agreed to cover.
Insurer approaches to causation ‘legally flawed’ FCA argues in BI test case
The Financial Conduct Authority has alleged that insurers’ approach to causation in the business interruption test case is “legally flawed” and the defendants have “overlooked” contractual contexts.
Insurers failed to raise issues with government's restriction triggers, says FCA
If insurers disagreed with the government’s conclusions following a meeting with the industry that they would pay out based on March advice then they should have spoken out sooner and given politicians an earlier ‘opportunity’ to enforce mandatory bans,…
Brokers not responsible for BI test case insurance policies under contract law, argues FCA
The business interruption test case policies under scrutiny in the Financial Conduct Authority’s test case are presented ‘in the manner which most benefits insurers’ and therefore brokers should not take the blame for any contractual breaches, the…
Action groups hit out at “absurd” insurer defences in FCA BI case
Insurers have been accused of filibustering in relation to business interruption as firms suffer “devastating losses” following coronavirus lockdown.
Biba says members are taking action to tackle dual pricing
A report from the trade body shows brokers are engaging with its Guiding Principles and Action Points to address dual pricing practices in the home and motor insurance sectors.
MGAs under threat as insurers set to crackdown
News Analysis: Covid-19 and BI wordings row likely to see a flight to quality, specialist providers while vanilla offerings set to struggle.
FCA: A roadmap for brokers through Covid-19
The regulator exclusively spoke to Insurance Age for the Broker Extra event.
RSA walks back on Marsh criticism in FCA's BI test case
As RSA changed its mind on part of its argument that drew criticism from Marsh, the Financial Conduct Authority said insurers were failing to take account of “the true nature of the insurance provided” in its business interruption test case, according to…
Insurers accused of ‘dragging feet’ as extra FCA BI September trial dates mooted
The eight insurers involved in the case are still on the hunt for their own expert evidence as a second trial in September is looking increasingly likely.
FCA BI test case ‘clear and present danger’ to brokers
Experts warn that brokers could find themselves under fire as insurers lean in intermediaries in defences.