26 Jun FCA provides update on BI test case
The FCA issued the following update
Business interruption: Details of first Case Management Conference
The first Case Management Conference before a Judge took place on 16 June. At the hearing, the Judge was invited to consider our application for expedition and admission to the Financial Markets Test Case Scheme. At the hearing, Mr Justice Butcher made an order about how the test case is to proceed, including that:
• the case will be expedited (heard urgently) in line with the timetable
• the Financial Markets Test Case Scheme will apply
• the second Case Management Conference and final hearing will be live-streamed
All BI updates, included links to view the live-stream of the hearing, can be found on our web page.
Business interruption: Finalised Guidance
This finalised guidance sets out our expectations for insurers and insurance intermediaries. We expect insurers to review their relevant non-damage BI policies to classify them as set out and to report the outcomes to us by 8 July. This will enable us to publish a list of relevant non-damage BI policies affected by the test case.
We also expect firms to consider what general communications they need to make to their non-damage business interruption policyholders.
We will review the guidance in light of the progress of the test case and in any event within 6 months of it coming into effect.