FCA Test Case including FOS decisions

This one-hour webinar is the latest talk by Branko Bjelobaba on the FCA Test Case. It focuses on various decisions made on complaints referred to the FOS, following claims that have been turned down by insurers with the FOS considering the judgment of the Supreme Court in its decisions.

It will also provide an update following the judgment handed down on 15 January 2021 to include insurer statistics on claims payments and on the Supreme Court’s Declarations (still awaited).

23,933 claims have been settled costing insurers £876m (as at 5 July to include interim payments) but the FCA originally considered some 370,000 insureds have bought this cover from around 60 different insurers and the FOS does not appear to be over-stretching the reach of the judgment.

At the same time it will remind brokers, all of whom will have arranged these policies for clients, to encourage them to robustly reassess their advice process under ICOBS and their overriding professional duty to clients thus ensuring they are not blamed for having sold policies that have not fully catered for the needs of clients (and indeed brokers may be facing negligence actions right now). The session will also look at whether you need covid to be covered under your PI policy going forward and what could happen if you don’t.

Learning objectives:

By attending this webinar, delegates will be able to identify:

• FOS decisions in key areas – specified illnesses, on premises cover, plague, etc;
• Claims payment statistics;
• The advice process/what this mean for clients/PII cover.

Speaker biography:

Branko Bjelobaba FCII joined the insurance industry in 1987 and has worked across the sector including PwC and GISC and has led his own consultancy practice since 2004. He works closely with BIBA (and has published its compliance manual since 2004). He is a recipient of the Thomson Reuters Compliance Personality of the Year Award, the London Market People Award for Legal and Compliance and was Highly Commended in the 2021 CII Public Trust Awards.

Webinar platform:

This event is being held via Zoom. A recording will not be available, but slides will be distributed post event.