Business

FCA BI test case appeal begins

Appeal hearings have begun today (16 November) in the Supreme Court for the Financial Conduct Authority’s (FCA) business interruption test case.

The regulator had originally brought the case against various insurance groups to the High Court, including Hiscox, Zurich, Arch, RSA, Ecclesiastical, MS Amlin, Argenta, and QBE.

Earlier in the year (15 September), the court ruled that insurers should have to pay out on claims to approximately 370,000 businesses forced to close during lockdown.

Zurich and Ecclesiastical were the only two insurers not to seek an appeal to the Supreme Court.

Among the claimants were the Hiscox Action Group (HAG), comprising over 400 Hiscox insurance policyholders who intervened in the case against the firm.

Richard Leedham, the legal representative of HAG, said: ‘‘Our group is made up of 400 small businesses from across the UK and they are in desperate need of the payouts that they deserve and the court’s judgment says they are entitled to.

‘‘Hiscox and other insurers seem content to delay the process further, which is hugely irresponsible and is putting more pressure on businesses and jobs they were meant to protect.’’

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