BIBA and CII react to FCA business interruption stance

'Step in the right direction'

Adam Saville
clock • 2 min read

FCA intends to seek legal clarity to resolve contractual uncertainty around business interruption insurance

Insurance industry bodies have welcomed the decision from the Financial Conduct Authority (FCA) to test the wording of certain BI contracts in court, following disputes regarding claims related to the coronavirus pandemic. Christopher Woolard, the interim chief executive of the FCA, said claims must be assessed and settled quickly. "Our intended court action is designed to resolve a selected number of key issues causing uncertainty as promptly as possible and to provide greater clarity for all parties, both insured and insurers," Woolard said. "It is clear that decisive action is appr...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Regulation

BIBA names Julie Comer as head of compliance

BIBA names Julie Comer as head of compliance

Helping members with compliance queries and concerns

Jaskeet Briah
clock 20 March 2024 • 1 min read
FCA unveils measures for more transparent enforcement cases

FCA unveils measures for more transparent enforcement cases

Consultation process initiated

Sahar Nazir
clock 27 February 2024 • 2 min read
Vulnerable client processes: What the FCA wants from advisers

Vulnerable client processes: What the FCA wants from advisers

Proactive approach in identification and support

Alexander McGregor and Kris Armstrong
clock 26 February 2024 • 4 min read