FCA threatens intervention over BI claim deductions
The #justpayit campaign has highlighted that some providers are reducing BI payouts to businesses which have received government support grants.
The Financial Conduct Authority (FCA) has warned it will act to ensure customers are treated fairly when insurers calculate claim payouts for business interruption for firms which have received government support amid the coronavirus pandemic.
The move is separate to the business interruption test case to assess the validity of Covid-19 claims which concluded last week. The test case does not directly address how any resulting claims payments will be calculated.
The watchdog warned: “We will
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