The Financial Conduct Authority (FCA), Hiscox Action Group (HAG), Arch Insurance (UK) Ltd, Argenta Syndicate Management Ltd, MS Amlin Underwriting Ltd, Hiscox Insurance Company Ltd, QBE UK Ltd, and Royal & Sun Alliance Insurance Plc (RSA) are set for one last hurrah in the FCA’s business interruption test case, as the appeal hearings begin today in the Supreme Court.
Described by HAG as ‘the final step in holding insurers accountable’, the hearings will be conducted remotely until November 19. Livestream details can be found here.
According to the timetable sent to Insurance Business by the Supreme Court, Day 1 and the earlier part of Day 2 will be spent hearing the insurance companies’ oral submissions; the rest of Day 2 until the morning of Day 4 are allocated for the FCA and HAG; and the later portion of the final day will again be the insurers’ turn, followed by the respective replies of the regulator and intervener.
Commenting ahead of this week’s proceedings, Mishcon de Reya partner and HAG representative Richard Leedham (pictured) asserted: “The tragic reality is that as each day passes, more SMEs are forced to close, more businesses have to consult insolvency practitioners, and more families find out what it means to see their businesses fail and their livelihoods disappear.”
“There is no doubt that the FCA has done a great job in getting this case in front of the Supreme Court in a matter of months,” added Leedham, who also cited the impact of the second lockdown. “But because of insurers like Hiscox refusing to honour their policies, more and more SMEs continue to go out of business.”
Meanwhile, Mishcon de Reya said HAG’s expedited arbitration will continue to run in parallel with the test case appeal.
