The dust has barely settled following the handing down of the High Court’s 162-page decision in the Financial Conduct Authority’s (FCA) business interruption test case – now we have another development to watch out for.
It’s been confirmed that on October 02, the consequentials hearing is taking place. That will involve submissions from the parties on the appropriate declarations to be made by the court and on any applications for appeal. Details of the live-stream, and the exact time of the hearing, will be published in due course.
Meanwhile, in a new Dear CEO letter, FCA interim chief executive Christopher Woolard wrote: “We believe that insurers should reflect on the clarity the judgement provides and, irrespective of any possible appeals, consider the steps they can take now to progress claims of the type that the judgement says should be paid.
“This should include taking all reasonable steps to ensure that all those claims are ready to be paid and settled at the earliest possible opportunity after any relevant appeals.”
The regulator, which will continue to work closely with the Financial Ombudsman Service on the matter, will also be using its full range of regulatory tools and powers to ensure that insurers and managing agents are meeting the FCA’s expectations.
