Financial Conduct Authority Update

On the 1st May 2020 the Financial Conduct Authority gave an update on the way in which the court action being undertaken on business interruption insurance policies would proceed.  They have approached 56 insurers and reviewed over 500 relevant policies from 40 insurers.  From this review they have identified 17 policy wordings that capture the majority of key issues that could be in dispute.  As this shows there is a lot of variation within insurance policy wordings and possible interpretations.

The FCA hope to achieve clarity for all concerned by taking the representative sample of cases to court and putting forward the policyholders’ arguments.  By seeking this judgement the FCA hope that policyholders and insurers will have a much clearer view of which business interruption policies respond to the pandemic and others that do not.  The FCA have also outlined the expected timetable for the court case to take, please follow link to FCA website for further details.  https://www.fca.org.uk/news/press-releases/update-fca-test-case-validity-business-interruption-claims

We will be keeping an eye on updates provided by the FCA on the test case and relay this via our dedicated COVID-19 webpages.

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Medical Insurance Consultants Ltd is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register under reference 309026.

Personal

We are committed in providing a first class service to all our clients, not just when you take out a policy, but throughout the life of your policy. We make sure that you have the support and advice needed when it comes to claiming.

Professional

We have been operating for over 30 years specialising in the insurance needs of healthcare providers and professionals. Our aim is to continue to develop, innovate, improve and reduce the cost of insurance for all our clients and future clients.

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