FCA lodges pre-emptive application to appeal to the Supreme Court

The Financial Conduct Authority has filed a ‘leapfrog’ application to appeal to the Supreme Court in a bid to finalise agreement with insurers over the COVID-19 business interruption insurance test case.

The FCA said it continues to work closely with the 8 insurers and 2 intervenors that participated in the test case to reach an agreement in principle to avoid an appeal process and allow all payments to be made on eligible claims.

The regulator said its 'leapfrog' application had been filed on a precautionary basis in the event that this agreement is not reached by close of business today (30th September).

The FCA said it believed that 7 insurer parties had made similar precautionary applications.

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