The City watchdog has filed an appeal allowing it to take its case on coronavirus-related business insurance claims straight to the Supreme Court if needed, in a bid to get clarity “at speed” for affected firms.
he Financial Conduct Authority (FCA) said it had filed a so-called “leapfrog” application as a precaution against insurers not agreeing by Wednesday to pay out on business interruption claims made during the pandemic.
The regulator said it is working “closely and at speed” with the eight insurers and two intervenors involved in the test case, as it looks to avoid an appeal, so that payouts can be made on eligible claims swiftly.
It said that seven of the insurers have also made similar appeal applications, should agreement not be reached by the end of Wednesday.
A landmark High Court ruling earlier this month determined that the “disease clauses” in most, but not all, of