FCA PUSHES AHEAD WITH TEST CASE APPEAL AS TALKS FAIL

The Financial Conduct Authority (FCA) has confirmed it will appeal the business interruption test case after talks with insurers failed to resolve outstanding issues by Wednesday’s deadline. On Tuesday, the FCA said it, and seven insurers, had made precautionary filings for an expedited appeal against the High Court judgements in the BI test case, although it was engaging with insurers. An agreement was needed by close of business on Wednesday to avoid an appeal. In an update, the FCA said discussions were continuing with insurers and action groups to resolve the outstanding issues as soon as possible to enable pay-outs on eligible claims. “At Friday’s hearing, we will ask the court to give us a certificate to apply to ‘leapfrog’ to the Supreme Court which we believe is the fastest way to get legal clarity as quickly as possible for all parties, in the event that it is not possible to resolve the outstanding issues in the coming weeks,” the FCA said.