FCA called out as ‘shining example of regulatory intervention’ for test case action

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Despite being celebrated as a policyholder victory, many legal professionals feel this reaction to the test case verdict could be ‘premature’ as the likelihood of an appeal from insurers still looms large

Legal professionals are applauding the FCA’s prompt response to the conflict between insurers and policyholders surrounding Covid-19-related business interruption (BI) claims as the High Court yesterday published its verdict on the eight-day test case that sought to clarify non-damage BI policy wordings and their interpretation.

For example, Michael Frisby, dispute resolution partner at Stevens and Bolton, described the regulator and its unprecedented High Court test case as a “a shining example of regulatory intervention, addressing key legal issues in a divided market”.

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