CII calls for industry collaboration to prevent future FCA test cases

The Chartered Insurance Industry has urged industry professionals and government representatives to act now and reduce the need for future legal test cases.

Sian Fisher, CEO of the CII, said: “As the professional body for insurance, our key concern is to build trust in the profession. For this reason, we welcomed the test case when it was launched, as it will create greater certainly around the legal basis of business interruption contracts.”

She added: “Looking to the future, insurers, brokers and government must act now to reduce the need for court cases such as this one in future.”

The CII said the profession should focus on three areas of activity. First, it should look at product governance processes, including gaining greater clarity on product wordings.

Second it should improve both the advised and non-advised sales processes.

Third, it should establish an approach to pandemics and other systemic risks that clearly sets out the scope of government and industry interventions.

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