The “soft target” tax is under threat amid economic uncertainty but the sector is still arguing for a cut or a freeze.
In a letter to insurers, FCA executive director Sheldon Mills, urges firms to reassess and settle valid BI claims.
Brokers say national press coverage has led to confusion and a massive increase in client calls as they await communication from insurers on how to proceed.
Providers pledge to review claims and contact customers after the Supreme Court sided with the FCA and policyholders in the final verdict over payment of BI claims arising from Covid-19.
The court also concluded that the Orient Express case, which insurers relied on during the hearing, was wrongly decided and should be overruled.
Specialists outline worries for insurance space following FCA survey which showed 4,000 financial services firms are at risk, but Biba flags vaccine as a reason for hope.
Survey shows that 43% of brokers used furlough scheme while 19% accessed other forms of government support when coronavirus pandemic hit.
As expected the thin agreement offers very little clarity for the UK broker space.
Brokers have just three weeks to respond to the watchdog as it zones in on Covid-19 response, product value and customer service.
The FCA has said that no judgment will be handed down before January 2021.
Three directors have been disqualified following an investigation by the Insolvency Service.
Ignite Systems MD Toby MacLachlan discusses what can go wrong after the FCA signalled its intent to ban dual pricing practises in the home and motor insurance markets earlier this year.
Expert compliance panel at Broker Exchange deliver some hard truths to delegates about the burden of current and future regulation
Local decision making is being eroded as a result of the hard market, viewers of the first panel session of Broker Exchange heard.
Kingfisher detailed misuse of the Motor Insurance Bureau’s MyLicence platform and suggested it may not have bought the broker as it seeks to claim millions in damages.
The body will take £51m from its retail pool and more cash from other classes to plug a £92m gap in life and investment space and brokers may have to cough up £29m.
Why a robust complaints process from brokers and insurers could help restore trust in the home and motor markets following the dual pricing review.
The action group put forward its arguments on the last day of the Supreme Court BI test case hearing.
The watchdog says the comparison website breached competition law by using clauses prohibiting home insurers to offer lower prices on other aggregator sites, resulting in higher premiums.
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.