FCA Coronavirus Update
UKGlobal - July 31, 2020
Please see below update on recent FCA activity.
- 30/06/2020: FCA updates guidance concerning its expectations of insurance firms during the coronavirus (Covid-19) crisis (no significant changes).
- 24/07/2020: FCA announces proposals to extend a series of temporary measures to help customers who hold insurance and premium finance products and who may be in temporary financial difficulties because of coronavirus (Covid-19). The consultation period has now ended and further FCA advices are awaited.
- 30/07/2020. FCA High Court test case, which seeks legal clarity on business interruption (BI) insurance during the coronavirus (Covid-19) crisis, ends. The Court hopes to have a draft judgement by mid-September and acknowledges how urgent the matter is as it affects many insureds (FCA estimate some 370,000).
For more information, please visit: https://www.fca.org.uk/coronavirus