Financial Conduct Authority letter to Insurers

• FCA letter to Insurers

One of the ongoing issues for many businesses is the response that they are getting from their insurers when trying to claim costs related to business interruption. It’s a problematic issue because, as a general principle, Government doesn’t see that it’s place to become involved in disputes between businesses over the terms of contracts. However, the Financial Conduct Authority has issues guidance to insurers as to how they expect them to behave when considering claims from businesses
 
https://www.fca.org.uk/firms/insurance-and-coronavirus-our-expectations
 
To emphasise their expectations of insurers, the have now written to them setting out how they are expected to behave with regard to SMEs and pointing out that companies with a turnover of less than £6.5m and employing less than 50 people can see redress through the Financial Services Ombudsman
 
https://www.fca.org.uk/publication/correspondence/dear-ceo-insuring-sme-business-interruption-coronavirus.pdf
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