The Superme Court hearing of the business interruption test case continued for the third day as lawyers compared coronavirus to the Great Storm of 1987.
The EU watchdog is to make a decision by 21 December 2020.
The Supreme Court heard arguments from lawyers representing QBE, Argenta and MS Amlin on 16 November as insurers began their appeal of the September judgment handed down in the FCA’s business interruption test case.
But PPI remains the most complained about product as body highlights proposed fee structure in wake of coronavirus.
The FCA warned insurers and brokers that any assessments must be completed by 3 December.
Insurer apologises over 2018 announcement with the potential to mislead the market in a “serious but not intentional” breach.
Ardonagh says it has found no evidence of customer, carrier, or broker data leaving its estate as the Towergate website remains unavailable.
Eight parties in the FCA business interruption court case have been allowed to leapfrog appeals to the Supreme Court as QIC Europe is denied right to join the test case and Ecclesiastical withdraws.
In a fresh dear CEO letter to brokers, interim CEO Christopher Woolard warns that the regulator is assessing firms’ arrangements and tells brokers it is imperative to safeguard the client money they hold for customers.
Regulator says it will continue discussions with insurers and action groups to find a solution for the outstanding issues as soon as possible.
Nikolaus Suehr, of KASKO, and David Goodley, of City Compliance share advice on setting up in the EU as the risk of a no-deal Brexit draws closer.
Regulator says discussions between the parties involved in the case continue ahead of the next hearing on 2 October, as the watchdog along with seven insurers file "precautionary" applications to skip Court of Appeal.
Regulator to collect data from any firms setting prices, including brokers, as it calls on the industry to co-operate to tackle the loyalty penalty.
The regulator outlines proposals for a “significant reform” of the motor and home insurance markets and slams "complex and opaque" pricing practices.
The administrator’s progress report said the business was later sold to One Sure for £75,000 as fitness of former directors is investigated as statutory measure.
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.
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.
Government body says Ardonagh and Bennetts have five working days to address the CMA’s concerns, after it found that the merged company would face “only little competition” from other much smaller motorcycle insurance specialists.
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 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.
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.