'The Judgement' - FCA Business Interruption Test Case

When:  Sep 24, 2020 from 10:00 AM to 11:15 AM (GMT)
Associated with  ACNUK Community

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Url: http://zoom.us/j/94673006603
Login: Webinar joining instructions can be found in the Eventbrite page once your registration is completed.
We invite you to join us for a not to be missed event on the 24 September 2020 at 10:00am for a comprehensive and interactive one hour webinar with our special guest Branko Bjelobaba FCII.
Combining comprehensive knowledge with an engaging and unique presentation style, Branko will focus this session on the judgement following the FCA’s ground-breaking test case at the High Court.
The hearing concluded on 30 July and the judges have agreed to hand down their judgement for mid September.
Eight days were spent analysing countless policy wordings and individual words and their everyday meanings.
The FCA considers some 370,000 insureds have had payments denied as insurers have interpreted wordings only to suit themselves.
Each of the eight insurers’ counsel presented evidence and arguments as to why their interpretation is correct and why the FCA has got this wrong.
This case will be momentous and will set a 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 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 their own professional indemnity costs remain reasonable (clearly not knowing how the case will go at this stage!).
Learning Objectives
By the end of this webinar delegates will gain insights into:

  • The Test Case and why brought
  • The judgement - what has been decided
  • The threat to brokers in terms of the advice process
  • ICOBS and how to ensure your sales process is robust