CII calls for action to steer clear of future FCA test cases

How sector can help

Sophie King
clock • 2 min read

The Chartered Insurance Institute (CII) has placed a call for action from the profession and the government to reduce the need for Financial Conduct Authority (FCA) test cases in the future.

In May, the FCA said it intended to obtain a court declaration - or test case - to resolve contractual uncertainty in business interruption (BI) insurance cover. It believed the circumstances of the current coronavirus crisis, and its effect on businesses holding BI policies, meant that any uncertainty needed to be resolved as quickly as possible. Then, in an update published on the regulator's website in July, the FCA said it had approached 56 insurers, and reviewed over 500 relevant policies from 40 insurers. The regulator then said it had identified a sample of 17 policy wordings that...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Treasury's AR consultation: Extending the FOS' scope a 'concern'

Treasury's AR consultation: Extending the FOS' scope a 'concern'

‘FOS needs to be overhauled as it is’

Isabel Baxter
clock 19 February 2026 • 4 min read
In Accord launches advice firm client investment 'badge' initiative

In Accord launches advice firm client investment 'badge' initiative

To demonstrate commitment to understanding client needs

Laura Purkess
clock 17 February 2026 • 2 min read
Feel Good Friday: Quilter pledges £3m towards financial education

Feel Good Friday: Quilter pledges £3m towards financial education

Alongside £1m in grants supporting charities

Professional Adviser
clock 13 February 2026 • 1 min read