The FCA has released a press release confirming that the Supreme Court has delivered its judgment in the Financial Conduct Authority’s (FCA) business interruption insurance (BII) test case.
For background on the FCA’s work on obtaining legal clarity on BII during the coronavirus crisis, please see the FCA’s BII webpage.
The Supreme Court has substantially allowed the FCA’s appeal on behalf of policyholders. This means that, with no further legal avenues for the defendant insurers to pursue, thousands of policyholders will now have their claims for coronavirus related business interruption losses paid.
Sheldon Mills, Executive Director (Consumers and Competition) at the FCA, commented: “Our aim throughout this test case has been to get clarity for as wide a range of parties as possible, as quickly as possible, and today’s judgment decisively removes many of the roadblocks to claims by policyholders”.
The judgment is available on the Supreme Court’s website.