CII reacts to update on FCA test case for business interruption claims
Publication date:
01 June 2020
Last updated:
18 December 2023
Author(s):
Chartered Insurance Institute
In response to the FCA’s update on the test case of the validity of business interruption claims, Matthew Connell, director of policy and public affairs of the Chartered Insurance Institute, said: “We welcome further clarity from the FCA on their process for selecting test cases and support their decision to proceed following in-depth consultation."
“This is an important intervention from the regulator, and will hopefully avoid the need for lengthy and disruptive court cases to be led by consumers themselves. Ultimately we hope this will mean the courts can reach a decision that is fair, comprehensive and definitive."
“The Chartered Insurance Institute will continue to monitor and support this process where possible. We believe the clarity this will bring to both the public and insurers alike, will be fundamental to restoring trust in the profession.”
This document is believed to be accurate but is not intended as a basis of knowledge upon which advice can be given. Neither the author (personal or corporate), the CII group, local institute or Society, or any of the officers or employees of those organisations accept any responsibility for any loss occasioned to any person acting or refraining from action as a result of the data or opinions included in this material. Opinions expressed are those of the author or authors and not necessarily those of the CII group, local institutes, or Societies.