FCA updates on BI case and insurance expectations

FCA says the Supreme Court will deliver its judgment in the business interruption insurance test case on the morning of 15 January.  The judgment will be live-streamed and then published.

FCA has also updated its guidance on its expectations of firms during the pandemic. The update relates to storm and flood claims and notes the ongoing pandemic may present operational challenges to insurance firms managing claims involving floods and storms and says firms must be prepared and able to give affected customers the immediate help they need. FCA has seen good practice in some firms involving, for example, cross-training staff so they can flexibly respond to demand as claim volumes increase or in case of their own staff sickness. Firms also need to take into account that emergency or interim payments may sometimes be necessary, if the pandemic means customers would struggle to bear costs of new equipment or repair bills while their claims are being processed.

Emma Radmore