This interactive joint Insurance Institute of London (IIL) and Branko Ltd webinar will focus on the judgment handed down following the recent FCA test case at the High Court where some 370,000 policyholders have been denied a payout according to the FCA.
The hearing concluded on 30 July and the judgment will be handed down on 15 September – eight days have been spent analysing countless policy wordings and individual words and their everyday meanings. Whatever is decided it is clear that this case will be momentous for insurers, brokers and clients alike.
The FCA consider some 370,000 insureds have had payments denied as insurers have interpreted wordings only to suit themselves and each of the eight insurers’ counsel has presented evidence and argument as to why their interpretation is correct and why the FCA has got this wrong. 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 is clear and understood by all parties.
At the same time it will highlight the exposure for insurance brokers (see separate event on the new FCA Supervision Strategy) and encourage them to robustly reassess their advice process under ICOBS and their overriding professional duty to clients thus ensuring their own professional indemnity costs remain reasonable (clearly not knowing how the case will go at this stage!).
By the end of this webinar attendees will have gained an insight into:
• The Test Case and why brought
• The judgment – what has been decided
• The threat to brokers in terms of the advice process
• ICOBS and how to ensure your sales process is robust
This webinar is relevant to general insurance brokers/intermediaries, their insurers, and any other market participants.