Category: FCA

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Business Interruption Insurance Guide: Do I have a Claim?

The Supreme Court handed down its ruling in the FCA test case on business interruption insurance against six insurers. If you are an affected business, you should seek legal advice as soon as possible and our specialist financial services litigation team can be instructed to assist.

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FCA’s comment on business interruption insurance test case encouraging for policyholders

On 15 January 2021, the Supreme Court handed down its ruling in the FCA test case on business interruption insurance against six insurers . Many businesses will now be considering the next steps whilst waiting for their insurers to assess their case. The FCA has issued a letter setting out the next steps encouraging insurers to reassess, progress and settle claims quickly in light of the ruling.

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Business Interruption Insurance: Supreme Court judgment means relief for COVID-hit businesses

Business interruption insurance covers businesses for loss of income during periods when the business cannot trade as usual due to an unexpected event. If you are a policyholder and your insurer is refusing to paying out for a business interruption claim related to the coronavirus pandemic, seek legal advice immediately as you may have a litigation claim to seek financial redress.

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Business Interruption Insurance: FCA guidance on how policyholders can prove the presence of COVID-19

The FCA’s draft guidance on how to prove the presence of coronavirus (COVID-19) in a particular area around premises based on the High Court’s judgement and declarations is essential for policyholders in claims against insurers.

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FCA’s Business Interruption Insurance Appeal to be heard at Supreme Court

A “leapfrog” appeal to the Supreme Court may be the quickest route to get legal clarity for all parties. It is is essential that you seek expert legal advice early in order to prepare your Business Interruption Insurance claim.

FCA bans sale of cryptocurrency derivatives to retail customers

Following its investigations, the FCA has published rules banning the sale of cryptocurrency investments to retail investors in the UK after concluding that they are ill-suited for such customers. The FCA estimates that retail consumers will save around £53m from the ban on these complex financial derivatives which commences in January 2021.

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FCA’s Business Interruption Insurance test case heading to the Supreme Court

Given the complexity of business interruption claims and the legal uncertainty surrounding their enforcement, it is is essential that you seek expert legal advice early in order to prepare your Business Interruption Insurance claim.

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Judgment in FCA’s BI Insurance test case: Policyholders entitled to compensation

Policyholders with affected claims can expect to hear from their insurers within the next 7 days. Given the complexity of business interruption claims and the legal uncertainty surrounding their enforcement, it is is essential that you seek expert legal advice early in order to prepare your Business Interruption Insurance claim.

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Update: FCA’s Business Interruption Insurance Test Case

The FCA’s test case is likely to be the quickest route to clarity on whether losses caused by Covid-19 are covered by Business Interruption insurance. Most SME insurance policies are focused on property damage (and only have basic cover for BI as a consequence of property damage) so, at least in the majority of cases, insurers are not obliged to pay out in relation to the coronavirus pandemic. This case is focused on the remainder of policies that could be argued to include cover.

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Update on Business Interruption Insurance test case

Given the complexity of business interruption claims and the legal uncertainty surrounding their enforcement (the FCA have issued a test case recently in the High Court), it is advisable that you seek expert legal advice early in order to prepare your Business Interruption Insurance claim.