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16/09/2020

FCA vs Insurance Providers

The judgement for the case of the Financial Conduct Authority vs Insurance companies was handed down on 15th September, with the court ruling in favour of the FCA on a majority of key issues raised.

The judgement does not declare the eight defendant insurers liable and each policy will need to be considered against the detailed judgement in order to establish what it means for the policy and claims intimated.  It is a complex document which runs to over 150 pages and brokers have engaged legal experts to review this and provide further detailed guidance, which we will of course relay to you once available.

In regards to next steps, insurers are now required to issue an update to all  policyholders with affected claims within the next 7 days.

 

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