FCA spent almost £7m on BI court case
The regulator brought the case to provide clarity for policyholders on payment of business interruption claims arising from the pandemic and subsequent lockdown.
Last year, the insurance industry and business owners were gripped by the court case brought by the Financial Conduct Authority (FCA) to decide whether or not business interruption payments should be made to policyholders forced to shutdown due to coronavirus.
The FCA, which brought the case on behalf of policyholders, has confirmed to Insurance Age that its spending hit £6.9m between 31 March 2020 and 31 March 2021.
Following a Freedom of Information request, the watchdog stated: “We have
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
Most read
- Broker’s emails defeat negligence claim
- Academy strikes deal to buy Premierline from Allianz
- FOI request pulls back the curtain on FCA’s broker S166s