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Wednesday 30 September, 2020

Financial Conduct

Further update on FCA BI insurance test case

RNS Number : 6722A
Financial Conduct Authority
30 September 2020
 

Further update on Business interruption insurance test case appeals process

 

'Our objective throughout this case has been to achieve clarity for everyone involved as quickly as possible and that remains the case. We initiated the test case with eight insurers whose policies are representative of the broader group of insurers impacted by the test case. We had hoped to reach an agreement with the insurers by today on the interpretation of some important elements of the judgment affecting which small businesses get paid and how much. This would have allowed for faster pay-out for policyholders with eligible claims.

 

'However, we recognise that this case has always involved complex issues and we have filed our skeleton argument with the High Court today in an attempt to clarify some of these points at Friday's hearing.

 

'We will continue discussions with insurers and action groups, to find a solution which resolves the outstanding issues as soon as possible to enable pay-outs on eligible claims.

 

'At Friday's hearing, we will ask the Court to give us a certificate to apply to 'leapfrog' to the Supreme Court which we believe is the fastest way to get legal clarity as quickly as possible for all parties, in the event that it is not possible to resolve the outstanding issues in the coming weeks.'

 

Notes to editors:

· Skeleton arguments and applications for a 'leapfrog' appeal to the Supreme Court are available on our Business Interruption Insurance webpage:  https://www.fca.org.uk/firms/business-interruption-insurance  

 

 

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