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
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Regulation
Which? calls out ongoing “hefty” premium finance charges
Consumer champions Which? have branded premium finance rates currently being charged by many insurers as “difficult to justify”, especially with car insurance where it found a third of rates are above 25%.
FOI reveals smaller broker involvement in FCA’s first Consumer Duty board reports review
The Financial Conduct Authority included 34 firms from the insurance sector in its review of the first annual Consumer Duty board reports, a Freedom of Information request from Insurance Age has revealed.
MGAA boss Keating weighs in as broker survey backs dedicated MGA regulation
A recent survey of insurance brokers has shown backing for the establishment of a dedicated regulatory framework for MGAs, with 68% agreeing that the Financial Conduct Authority should regulate MGAs separately from insurers and brokers.
Hundreds of millions at stake as “wave of broker claims” predicted after Hastings tribunal win
Experts have predicted a “wave of broker claims” against HMRC potentially worth hundreds of millions of pounds following a recent decision at a First tier Tax Tribunal.
Experts respond to FCA shelving ‘flagship initiatives’ on enforcement, D&I and non-financial misconduct
The Association of British Insurers has welcomed the Financial Conduct Authority’s decision not to push ahead with enforcement investigation publicity plans, also known as ‘name and shame’.
FCA scraps D&I rules plan and delays non-financial misconduct update
Regulators have ended work on proposed rules and expectations aimed at improving diversity and inclusion in regulated firms.
FCA cancels broker’s permissions
The Financial Conduct Authority has cancelled the ability of George Baker (Insurance Brokers) to carry out any regulated activities, with immediate effect.
FCA u-turns on enforcement transparency proposals
The Financial Conduct Authority is not going ahead with changes to announcing enforcement investigations, proposals that were labelled ‘name and shame’ and led to a huge outcry across the financial services market.