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FCA plans to use ‘full range of regulatory tools and powers’ to check insurers pay valid BI claims

By 2021-01-25T08:10:00

letter

Furthermore, the regulator recognises the ‘key role that insurance brokers and other insurance intermediaries’ play to ensure policyholders’ claims are progressed

On 22 January, FCA executive director Sheldon Mills issued a ‘Dear CEO’ letter, laying down the gauntlet that where “insurers are not meeting the expectations set out” around paying valid business interruption (BI) claims, “we will use the full range of our regulatory tools and powers to ensure they do so”.

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