Financial Conduct Authority (FCA) News

SoftBank May Sue Wirecard Accountant EY; EU Probes Germany’s Regulator

The European Union is investigating Germany’s financial regulator over the collapse of payments company Wirecard in a rare move that heaps embarrassment on Berlin days before it is due to take over the EU’s rotating presidency. Wirecard’s implosion on Thursday, …

UK Insurers Cite Swedish Example in Bid to Dodge Coronavirus Biz Income Payouts

Insurers are set to argue against paying out fully on claims made by businesses forced to shut because of the pandemic, saying that shops in Sweden lost money even without a strict lockdown. The strategy was raised at the first …

British Regulator Enlists 8 Insurers in Pandemic Test Case of Business Interruption Cover

Insurers including Hiscox, RSA and QBE will take part in a UK test case to decide whether their policies should pay out millions of pounds to companies hit by the coronavirus pandemic, the industry regulator said on Monday. A national …

UK Regulator Announces Pandemic Relief Measures for Insurance Customers

The Financial Conduct Authority (FCA) announced a set of measures to help insurance customers who may be suffering financial difficulties as a result of coronavirus pandemic. The measures include premium reductions, discounts, waiving fees and premium payment deferrals. FCA explained …

UK Regulator Seeks Court Review in July to Resolve COVID-19 Insurance Dispute

Britain’s Financial Conduct Authority (FCA) aims to get business interruption insurance policies examined by a court as soon as July, a member of a policyholder action group said on Thursday. The Hiscox Action Group, which is seeking to sue Hiscox …

Two Law Firms Seek British Businesses to Join Biz Interruption Lawsuit Against Allianz

Two law firms said on Tuesday they were gathering companies in Britain for a potential group lawsuit against German insurer Allianz for rejecting business interruption claims during the coronavirus pandemic. Edwin Coe and Harris Balcombe said they wanted to challenge …

UK Regulator Wants Courts to Clarify Wording of Disputed Business Interruption Policies

Britain’s financial watchdog said on Friday it would urgently ask the courts to clarify uncertainty over whether businesses can claim compensation for disruption caused by the coronavirus pandemic. The Financial Conduct Authority (FCA) also told all insurers to assess whether …

Many Insurance Policies Bought by Small UK Firms Don’t Cover Pandemic: Regulator

Most insurance policies bought by smaller UK companies do not cover disruption caused by the coronavirus pandemic, but those that do should make interim pay-outs quickly, a watchdog said on Wednesday, as insurers come under fire for being slow to …

Insurers Say Forced Payouts for Excluded Virus Losses Risk Destabilizing Industry

World insurers told governments on Monday that making them pay out on losses suffered due to the coronavirus that were not covered by policies risked destabilizing the insurance industry. With the global economy hammered by measures to halt the spread …

UK Regulator Warns Insurers to Have ‘Robust’ Coronavirus Contingency Plans

The UK Financial Conduct Authority (FCA) reminded insurers on Thursday to have “robust” operational resilience and business continuity plans in place to respond to possible disruptions caused by the coronavirus pandemic. The FCA expects firms to have “sufficiently robust systems …