Financial Conduct Authority (FCA) News

Initial Reactions to UK Supreme Court’s Ruling on Business Interruption Claims

Insurers, policyholders and industry observers have issued comments on the UK Supreme Court’s ruling that insurers should pay small businesses for many business interruption claims from the COVID-19 lockdowns. The UK Supreme Court dismissed appeals by six insurers – Hiscox, …

UK Supreme Court Rules Businesses Should Be Insured for COVID-19 Claims

Small businesses, from restaurants to nightclubs and wedding planners to beauty parlors, on Friday won the right to insurance payouts after Britain’s highest court ruled many policies should cover losses caused by coronavirus lockdowns. Six of the world’s largest commercial …

UK Supreme Court to Provide Judgment on Business Interruption Appeal on Jan. 15

The UK Supreme Court will on Friday hand down a judgment in a test case pitting the country’s markets regulator against insurers over how business interruption policies were dealt with during the coronavirus pandemic, it said on Tuesday. The result …

COVID-19 Pressures Threaten About 4,000 Small UK Financial Firms

Britain’s market watchdog warned about 4,000 small financial firms are at greater risk of failure from the coronavirus as the country endures a third lockdown. The Financial Conduct Authority said Thursday that the pandemic is pushing the firms to the …

Judgment in UK COVID Business Interruption Appeal Will Be Handed Down in January

LONDON – There will be no judgment in an appeal over business interruption insurance this year, Britain’s markets watchdog said on Tuesday, dashing hopes of an early outcome in a case that could affect billions of pounds in claims. Britain’s …

Insurers Using Counter-Intuitive Arguments to Escape COVID Liabilities: UK Regulator

Insurers are trying to escape liability for pandemic-related business losses with counter-intuitive arguments that go against the essential purpose of insurance, Britain’s markets watchdog told the UK Supreme Court on Tuesday. A lawyer for the Financial Conduct Authority (FCA), which …

Insurers Tell UK Supreme Court They Cannot Provide Unlimited Cover During Pandemic

Major insurance companies told the UK Supreme Court on Monday that thousands of small companies battered by the coronavirus pandemic were not eligible for business interruption payouts and to suggest differently was “reverse engineering.” On the first day of a …

London Stock Market to Require Climate Disclosures for Listed Companies

Companies listed on the London Stock Exchange will have to improve disclosures on the risks they are facing from climate change from January, Britain’s financial watchdog said on Monday. Nikhil Rathi, chief executive of the Financial Conduct Authority (FCA), said …

UK Supreme Court to Hear Appeal of COVID Business Interruption Test Case on Nov. 16

The UK Supreme Court will hear an appeal on Nov. 16 of the Financial Conduct Authority’s (FCA) test case over which insurance companies should offer payouts to small businesses battered by the coronavirus pandemic. The hearing is expected to last …

Insurers Drop Appeal Against UK Court Ruling on 3 COVID Business Interruption Policies

Six insurers have decided not to appeal against a London High Court ruling that they were wrong to reject claims from holders of three business interruption insurance policies who have been pushed to the brink of collapse by the COVID-19 …