All FCA articles – Page 2
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News
Pay business insurance claims or face enforcement, UK watchdog says
Insurers face enforcement action if they don’t pay up as soon as possible on business insurance claims following a landmark court ruling, Britain’s Financial Conduct Authority said on Friday.
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News
Briefing: FCA reveals anxiety over firms’ financial resilience, but is its heart in the right place?
Despite unveiling a ‘stark’ financial picture of Covid-hit brokers and intermediaries, helping firms stay in business does not seem to be the regulator’s number one priority
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News
Up to 4,000 financial firms could fail due to COVID, says UK regulator
The FCA surveyed 23,000 financial firms to check on their resilience to COVID-19, which last year triggered Britain’s worst economic downturn in 300 years.
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News
FCA launches consultation to determine how to prove Covid-19 presence for BI claims
The regulator wishes to be prepared should the Supreme Court agree with the High Court’s judgment
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News
Insurers are trying to escape COVID-19 liability, watchdog tells UK Supreme Court
Tuesday’s hearing focused on how insurance law clauses, such as a so-called “but for” test, disease, composite peril, prevention of access and trends, should be applied in the case.
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News
UK regulators will intervene if full Brexit upends markets, says FCA’s Delfas
Regulators are vigilant and ready to intervene if Britain’s full departure from the European Union on Dec. 31 risks creating disorder in markets, Britain’s financial regulator said on Thursday.
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News
Struck out BI claim proves there is no ‘public policy move’ following test case
Barrister says that not all business interruption claim cases will follow the trajectory of the FCA’s test case and that not all clauses will be interpreted in favour of the policyholder
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News
Orient Express Supreme Court judges to hear FCA test case appeal
Among the bench of Supreme Court judges chosen to hear the appeal of the FCA’s test case next week are legal professionals that ruled in the historic Orient Express Hotels v Assicurazioni Generali case, which was cited by the majority of insurers in their defences at the High Court – ...
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News
FCA’s focus on fair value marks industry ‘step-change’
Industry experts say that the ‘status quo has to change’ and that the concept of fair value now needs to be embedded within organisational culture and business models
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News
Briefing: Claims service could come under the microscope after FCA’s pricing report
Commercial brokers told Insurance Times that a quality claims service is more important than competitive pricing, aligning with the FCA’s refreshed stance around fair value
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News
FCA business interruption test case appeal date set by Supreme Court
Six insurers, the FCA and the Hiscox Action Group are appealing some parts of September’s High Court ruling
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News
Six insurers drop High Court appeal against BI ruling for some policies
The insurers are however still contesting the ruling on some policy types
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News
Wide area damage principle is key to quantifying BI claims
An uptick in COVID-related BI claims is expected following the UK FCA test case, primarily from the hospitality sector
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Analysis
Briefing: Why FCA-hit aggregators will likely squeeze insurers harder
Tensions between insurers and aggregators will likely increase amid the FCA pricing crackdown
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Analysis
Briefing: Why aggressive FCA will next turn to commercial insurance
The FCA is intently focused on value. It’s agenda will lead to a fresh look at commercial insurance
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News
FCA warns on premium financing in pricing crackdown proposals
Regulator is concerned that customers may not be treated fairly on premium financing and warns providers could be in breach of law
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News
Insurance firms will be forced to end price walking as FCA reveals rip-off remedies
Firms will be forced to offer the same price for insurance products at renewal as they do for new business, the FCA said in its final report on pricing practices released today. The proposed remedy aims to end the practise of so-called ‘price walking’, where customers - particularly in retail ...
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News
Regulator’s ‘culture shift’ forces firms to place greater emphasis on vulnerable customers
The FCA’s “culture shift” to focus on good customer outcomes has had a domino effect within the insurance sector, placing greater emphasis on vulnerable customers and how insurance products work when making a claim rather than the regulator concentrating solely on pricing.
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News
High Court rules in favour of FCA for majority of Covid-related BI wording interpretations
Policyholders who had business interruption (BI) claims linked to the coronavirus pandemic but rejected by insurers have today been vindicated, as the High Court has ruled in favour of the FCA’s interpretation of non-damage BI policy wordings across the majority of key contention areas.
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News
Business interruption test case judgement will not be the ‘final word’
An appeal on the judgement delivered for the test case on non-damage business interruption (BI) policy wordings and their interpretation for Covid-19-related claims tomorrow is “inevitable” – Plexus Law partner Andrew Crocombe thinks that early 2021 is the more likely deadline for a “final word” on the matter, once the ...
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