Business

FCA insurance test case appeal moves to Supreme Court

The Financial Conduct Authority’s test case against some of the world’s biggest insurers will ‘‘leap-frog’’ straight to the Supreme Court after London’s High Court agreed to a fast-track appeal on the 2 October.

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

The FCA brought the case against Hiscox, Zurich, Arch, RSA, Ecclesiastical, MS Amlin, Argenta and QBE.

Zurich and Ecclesiastical are not seeking a further appeal, however.

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

The action group has criticised the insurer’s decision to appeal the High Court’s judgement in the FCA’s insurance industry test case.

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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