Financial Conduct Authority
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 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 filed our skeleton argument with the High Court yesterday 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 page.
Original article link: https://www.fca.org.uk/news/press-releases/further-update-business-interruption-insurance-test-case-appeals-process
Latest News from
Financial Conduct Authority
Financial watchdog bans referral fees for debt packagers to help struggling consumers02/06/2023 13:25:00
The FCA is banning certain providers of debt advice from receiving referral fees from debt solution providers.
Lenders to pay out up to £47m in redress to borrowers in difficulty25/05/2023 14:20:00
The FCA has worked with almost 100 lenders on how they treat borrowers in financial difficulty and has sought significant improvements from many of them.
FCA finds young investors are more likely to have long-term goals in mind when dating than when investing25/05/2023 10:10:00
The FCA encourages young investors to adopt the same principles to investing as they do to their dating lives, as it launches the latest burst of its InvestSmart campaign.
Two brothers convicted for taking £750,000 out of failed investment firm23/05/2023 10:25:00
In a prosecution brought by the FCA, Peter Currie (59) was convicted by unanimous verdicts of 2 counts of fraud and 1 of money laundering and Andrew Currie (57) was convicted of 1 count of fraud and 1 of money laundering at Southwark Crown Court yesterday following a 5-week trial. Andrew Currie was acquitted of 1 count of fraud.
We force third firm to reverse effect of misleading British Steel Pension Scheme offers19/05/2023 16:15:00
We have acted against another firm seeking to avoid liabilities under the British Steel Pension Scheme (BSPS) redress scheme.
FCA secures £130,000 to return to investors19/05/2023 10:15:00
The FCA has secured two orders to return over £130,000 to victims of unauthorised investment arrangements and advice.
Help is available for those who need it, says FCA17/05/2023 16:05:00
The Financial Conduct Authority (FCA) has reminded borrowers they can get help from their lenders if they are struggling to keep up with payments, as it found the number of people struggling to meet bills and credit repayments has risen by 3.1m since May 2022 (10.9m, compared to 7.8m in May 2022).
FCA censures Lighthouse Advisory Services Limited for serious failings in relation to the British Steel Pension Scheme and £23m paid out in redress16/05/2023 10:25:00
The Financial Conduct Authority (FCA) has censured Lighthouse Advisory Services Limited (Lighthouse) for the unsuitable advice given during the period 1 April 2015 to 30 April 2019 to people looking to transfer out of defined benefit pension schemes, including to members of the British Steel Pension Scheme (BSPS).