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

My Care Hub expands to public following strong adviser support

My Care Hub expands to public following strong adviser support

Advice sector has played ‘pivotal role’ in successful rollout of care guidance platform

Jenna Brown
clock 10 September 2025 • 4 min read
CBI CEO urges Rachel Reeves to take back manifesto promise not to raise tax – report

CBI CEO urges Rachel Reeves to take back manifesto promise not to raise tax – report

Rain Newton-Smith claims ‘the time for tinkering is over’

Isabel Baxter
clock 10 September 2025 • 2 min read
'Fundamentally' different advice profession risks reputational damage from football scandal

'Fundamentally' different advice profession risks reputational damage from football scandal

High profile advice incidents like V11 ‘damaging’

Isabel Baxter
clock 09 September 2025 • 3 min read