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Gloucestershire Business News

Watchdog looks to courts to clear up insurance confusion

The Financial Conduct Authority is seeking legal clarification over compensation for business disruption caused by the coronavirus pandemic.

The financial watchdog said it wanted a court declaration to address concerns about the lack of clarity for customers making business interruption claims.

An FCA statement said: "This will assist both insurers and the insured.

"It will not determine how much is payable under individual policies, but will provide the basis for doing so."

The authority has also announced measures to support consumers and businesses with insurance who are facing other issues caused by the pandemic.

"The package of measures sets out the FCA's expectations that insurance firms should consider whether their products still offer value to customers in the current situation and whether they can be doing more for those suffering a financial impact because of coronavirus," it said.

The FCA is the second watchdog in as many days to look to the courts to help settle disputes caused by the crisis.

Yesterday the Competition and Markets Authority warned companies it will take legal action if refunds are not paid for holidays or weddings cancelled due to the coronavirus pandemic.

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