The FCA has confirmed it has filed an expedited appeal process in the test case against insurers, in case insurers don’t find an agreement by today’s deadline (30 September)
The FCA stated that it “continues to work closely and at speed with the eight insurers and two intervenors that participated in the test case to reach an agreement”.
The 28 September marked the deadline for parties in the case to file a ‘leapfrog application’ to appeal to the Supreme Court on any aspects of the judgement they deemed unfair.
It comes after the High Court ruled that major insurance providers should pay business owners who were affected by the Covid-19 pandemic, earlier this month.
The FCA said its “intention throughout the process has been to achieve clarity on affected BI policies at speed. We believe that clarity was provided in the initial judgment handed down”.
It added: “The FCA’s ‘leapfrog’ application has been filed on a precautionary basis in the event that this agreement is not reached by close of business Wednesday. The FCA understands that seven insurer parties have made similar precautionary applications. ”