This interactive joint Insurance Institute of London (IIL) and Branko Ltd webinar will focus on the judgment of the Supreme Court following the appeal of the FCA’s groundbreaking test case at the High Court.
The appeal concluded on 19 November and the judgment will be handed down expeditiously. Four days were spent setting out starkly differing views between the FCA and insurers.
The appeal judgment will be very clear and all parties will have to accept it. The FCA consider some 370,000 insureds have had payments denied and they have battled to convince the five Justices that sense should prevail and that a composite cause has operated – covid + government regulations + the public response and insurers have disputed this saying this is stretching causation too far. This case will be momentous and will set clear precedent as to the clarity of wordings and what needs to happen to ensure future cover (or lack of) is clear and understood by all parties.
At the same time it will highlight the ongoing exposure for insurance brokers all of whom will have arranged these covers for clients (and some will be classed as co-manufacturers under PROD) and encourage them to robustly reassess their advice process under ICOBS and their overriding professional duty to clients thus ensuring they can access fairly-priced professional indemnity insurance rather than be subject to an unacceptable blanket exclusion.
This webinar is relevant to general insurance brokers/intermediaries, their insurers, and any other market participants.
Branko Bjelobaba FCII, Senior Consultant on FCA Compliance, Branko Limited