The Supreme Court has dismissed insurers’ appeals and substantially allowed the FCA’s appeal in the conclusion of the FCA test case litigation. The result means significantly greater coverage of claims and the focus will now...more
1/20/2021
/ Business Interruption ,
Business Losses ,
Coronavirus/COVID-19 ,
Financial Conduct Authority (FCA) ,
Infectious Diseases ,
Insurance Claims ,
Insurance Litigation ,
Policy Exclusions ,
Policy Terms ,
UK ,
UK Supreme Court
This week the High Court has delivered its eagerly anticipated ruling in the FCA Business Interruption Test Case. The case was brought by the Financial Conduct Authority on behalf of business interruption policyholders, with...more
The High Court has delivered its eagerly anticipated ruling in the FCA test case litigation concerning COVID-19 business interruption claims.
The judgment is complex, addressing cover for COVID-19 related claims under 21...more
In light of recent events, many insurers will be re-considering their product offerings and/or adjusting policy wordings. This article sets out key considerations from a regulatory and contractual perspective that will be...more
Insurers and business interruption insurance policies have been coming under increasing scrutiny as a result of the economic disruption to business as a result of Covid-19. ...more
In its 2020/21 Business Plan, the FCA states its aim to move towards a regulatory approach that's increasingly focused on end outcomes for consumers, markets and firms. The Business Plan reflects this approach, honing in on...more
4/8/2020
/ Banks ,
Big Data ,
Business Plans ,
Climate Change ,
Consumer Credit Protection ,
Coronavirus/COVID-19 ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
Financial Services Industry ,
Payment Systems ,
Small and Medium-Sized Enterprises (SMEs)
Some consumers with pre-existing medical conditions (“PEMCs”) have problems navigating the travel insurance market and finding affordable cover given their medical conditions. Some are declined cover, only offered cover that...more
The fair treatment of vulnerable customers is a key priority for the FCA. It is an important topic not least because the FCA considers that half of UK adults (25.6 million people) display one or more characteristics of...more
11/20/2019
/ Auto Insurance ,
Consumer Financial Products ,
Consumer Insurance Products ,
Duty of Care ,
Fair Price ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Legislative Agendas ,
Liability Insurance ,
Proposed Legislation ,
Regulatory Agenda ,
Regulatory Standards ,
Transparency ,
UK ,
Vulnerable Victims
On 4 October 2019, the FCA published its much anticipated Interim Report on its Market Study into general insurance pricing practices (the “Interim Report“)....more
The FCA’s Thematic Review into GI insurance distribution chains (published on 10 April 2019) has concluded that certain GI sector manufacturing, sales and distribution approaches can lead to customers purchasing inappropriate...more
From 1 April 2019 two significant changes take effect:
- The jurisdiction of the FOS is extended to cover small and medium-sized enterprises, certain charities and trusts and personal guarantors; and
- The FOS award...more
The FCA has yesterday launched a market study into wholesale insurance broking practices. The FCA has published Terms of Reference for the study, which are discussed...more
The FCA has outlined the current trends, risks and its overall assessment of the General Insurance sector in its 2017 Sector Views, published last week. ...more
4/28/2017
/ Arbitrage ,
Automotive Industry ,
Big Data ,
Competition ,
Connected Cars ,
Data Collection ,
Financial Conduct Authority (FCA) ,
Insurance Industry ,
Online Platforms ,
Regulatory Standards ,
Retail Market ,
Supply Chain ,
Technology Sector ,
UK ,
Websites ,
Wholesale
In its recently published 2017/2018 Business Plan the FCA outlines its priorities for the general insurance sector over the coming year and beyond....more