FCA Update – Business Interruption Test Case
Thu Oct 1 2020
The Parties in the FCA business interruption test case had until 28 September 2020 to file an application for an expedited hearing in the UK Supreme Court.
The FCA and seven of the eight insurer parties (not including Zurich) have made such applications. The FCA has said that it is working closely with the eight insurers and two other parties involved to reach agreement on issues. This is with a view to ensuring an appeal process will not be required and that payments will be made to eligible policyholders as soon as possible. Discussions are said to be continuing.
On 2 October 2020, the Court will hear submissions from the parties on the declarations to be made by the Court in the light of the judgment and on the applications for appeal. The FCA has published the legal arguments to be made by the parties and these may be accessed on the dedicated page on the FCA website: https://www.fca.org.uk/firms/business-interruption-insurance#latest-updates