Groups formed against Hiscox and QBE will “closely liaise” with the FCA but are not permitted to increase the scope of the test case.
Marsh has disputed RSA allegations its clients should be liable for brokered policy contract issues in the Financial Conduct Authority’s business interruption test case, as brokers were dragged into the ongoing proceedings.
Brokers brought into fray as providers file a variety of defences including proximate cause and the ‘Sweden defence’ in the landmark case to determine the validity of BI claims arising from the coronavirus pandemic.
Group u-turns on desire to be part of FCA case as Hiscox continues to assess its separate arbitration claims.
Nikhil Rathi joins from the London Stock Exchange and will be paid £455,000 a year.
But the regulator also describes the sector as resilient and robust in a letter to general insurance CEOs.
Insurers’ counsel have decried the Financial Conduct Authority’s intention to use the “controversial” Cambridge analysis of Covid-19 spread in its business interruption test case, as representatives warned another trial might be needed to iron out…
Hiscox aims to compare Covid-19 economic hit to Sweden and ‘draconian’ UK in Financial Conduct Authority BI test case.
The British Dental Association has written to the Financial Conduct Authority to highlight “questionable” wordings not included in the coronavirus BI test case.
The watchdog says it is working on getting the fake site taken down.
The regulator's updated preliminary list shows that the scope of the legal proceedings has been extended to cover a total of 91 policy types.
The regulator's particulars of claim for the test case stated that the defendants’ reasons for wordings are not relevant or admissible.
Watchdog surveys 13,000 firms as it seeks to understand the effect Covid-19 is having on the finances of regulated firms and guide its supervisory actions.
The legal firm is pursuing a £52m claim against Hiscox and planning its own test cases and representing dentists in dispute with QBE.
The regulator expects all insurers and brokers to have taken necessary action by 3 December this year.
Pressure groups take different paths over whether to suspend their own legal proceedings while regulator's case goes forward as it is revealed three broker wordings from Pound Gates, Marsh and Gallagher will be assessed.
Commission and transparency row rears its head just as brokers feel the pinch amid market hardening
Seventeen wordings will be assessed as part of the test and the FCA list shows 34 Hiscox policies affected so far, as regulator says list is a "representative sample" which is "not comprehensive".
The watchdog expects the test case, to determine the validity of business interruption coronavirus claims, to be heard in the second half of July.
IdRisk's Stephen Mooney responds to Mactavish's report on broker remuneration.
Compliance organisation RWA warned clients of a compliance survey email claiming to be from the regulator.
Trade body says brokers are acting in their customers' best interests and are following FCA rules on remuneration.
Report claims brokers receive up to 80% of their remuneration from insurers with Mactavish saying more businesses are “questioning the role their brokers play" as coronavirus crisis "brutally exposes" problems in the market.
Regulator issues call for more information as it puts together its High Court test case with the aim to resolve uncertainty for businesses making claims.