FCA wants information on business interruption insurance disputes
18 May 2020: The Financial Conduct Authority’s test case on business interruption insurance is expected to go to the High Court in July and businesses have until Wednesday 20 May 2020 to share information.
At the beginning of May, the Financial Conduct Authority (FCA) announced it would be bringing a test case to the High Court to gain clarification over common policy wording in business interruption insurance to aid in resolving disputes between insurers and policyholders;
The watchdog is now seeking information and evidence from businesses and intermediaries to share information about unresolved disputes as part of the test case. They will consider all arguments raised and are particularly looking for:
- Arguments why a business considers cover should be available, together with details of policies where a business considers its insurer has not responded appropriately to a claim
- Brief relevant facts of the case.
Those who wish to submit information on business interruption insurance disputes to the FCA should email firstname.lastname@example.org.
All information shared will be covered by the FCA’s litigation privilege. The FCA and their solicitors, Herbert Smith Freehills, may convene workshop-style meetings or other forms of discussion to hear from action groups, policyholders and their legal representatives.
For more information visit the FCA website.
There is a dedicated webpage where the FCA will provide information, updates and access to documents including court 'pleadings'.
- For the latest news and guidance on the ongoing impact of COVID-19 for businesses and accountants, visit ICAEW’s dedicated coronavirus hub.