Financial Conduct Authority News

Insurers Face Possible British Action Over Calculation of Pandemic Payouts

LONDON — Insurers that do not treat customers fairly when calculating payouts for business interruption due to the coronavirus crisis will face action by Britain’s markets watchdog. The Financial Conduct Authority (FCA) has taken eight insurers to court over business …

Insurers Say Michigan COVID-19 Business Interruption Ruling Not a Knockout Blow

A recent ruling from a Michigan judge that business interruption claims payouts require tangible alteration to a property may have sounded like a knockout win for the insurance industry but a legal expert has a slightly different take. Tom Baker, …

Bank of England Worried About Business Interruption Insurance Claims

LONDON — The biggest uncertainty now facing insurers is whether they will have to pay for a raft of business interruption claims, the Bank of England said, as a court prepares to rule on whether existing policies cover big losses …

UK Watchdog Aims For July Court Date on Business Interruption Insurance

LONDON — Britain’s Financial Conduct Authority (FCA) aims to get business interruption insurance policies examined by a court as soon as July, a member of a policyholder action group said on Thursday. The Hiscox Action Group, which is seeking to …

UK Watchdog Goes to Court to Clarify Coronavirus Business Insurance

Britain’s financial watchdog said on Friday it would urgently ask the courts to clarify uncertainty over whether businesses can claim compensation for disruption caused by the coronavirus pandemic. The Financial Conduct Authority (FCA) also told all insurers to assess whether …

Insurers Warn on Forced Payouts for Uncovered Coronavirus Losses

LONDON — World insurers told governments on Monday that making them pay out on losses suffered due to the coronavirus that were not covered by policies risked destabilizing the insurance industry. With the global economy hammered by measures to halt …

Don’t Be Tricky With Virus Claims, Watchdog Warns U.K. Insurers

The U.K. regulator has a message for insurers facing a likely deluge of coronavirus-related claims: play fair. Customers have found themselves in unprecedented difficulties as businesses the world over shut down or change how they operate, and insurers must also …

Finance’s Final Frontier? British Watchdog Probes Data Sharing

LONDON — Britain’s Financial Conduct Authority (FCA) is investigating whether sharing data with outside competitors could be extended beyond banks to savings, insurance, mortgages, investments, pensions and consumer credit to increase innovation and choice. ‘Open banking’ rules already allow payment …

New Groping Claim at Lloyd’s of London Agent Deepens Scandal

Two executives at a top Lloyd’s of London insurance company have resigned following allegations of sexual harassment. One was accused of groping colleagues at a booze-fueled party, the other of stalking a junior employee. The first executive was said to …