BIBA welcomes this morning’s statement from the FCA confirming that they intend to seek an authoritative declaratory judgment to resolve some of the contractual uncertainty around business interruption insurance.
Our members have serious concerns for their clients and their ability to recover from this situation and we have been working to help members resolve these issues. This intervention from the regulator to create certainty for many customers making BI claims, and the basis on which firms are making decisions on claims is a step in the right direction
The FCA has indicated that customers may still access the Financial Ombudsman or the courts if they qualify and wish to do so.
It is our view that this action by the FCA will help to resolve issues for businesses and we urge the market to engage with this resolution activity.
The FCA’s statement and further information can be read here
BIBA members can read about our actions on business interruption and Covid-19 here