FCA Business Interruption Test Case - the judgment
PLEASE NOTE, PLYMOUTH & CORNWALL INSURANCE INSTITUTE & PFS MEMBERS HAVE PRIORITY IN RESPECT OF BOOKINGS.
This comprehensive and interactive one-hour webinar will focus on the judgment 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 judgment for mid-September. Eight days have been spent analysing countless policy wordings and individual words and their everyday meanings.
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 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 the time of advertising this session!).
By the end of this webinar delegates will gain insights 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 technical/legal update CPD event is relevant to general insurance brokers/intermediaries, their insurers, and any other market participants.
Branko Bjelobaba FCII has worked for 32 years across the sector and latterly at PwC and GISC and has led his own consultancy practice for 16 years. He works closely with BIBA (and has published its compliance manual since 2004) and the CII and has provided many well-received (even entertaining!) training events throughout the UK. He is a recipient of the Thomson Reuters Compliance Personality of the Year Award and the London Market People Award for Legal and Compliance.
WEBINAR LINKS ARE SENT SEPARATELY TO YOUR BOOKING CONFIRMATION, CLOSER TO THE TIME/DAY OF THE SESSION.
This demonstrates the quality of an event and that it meets CII member CPD scheme requirements.
1 hour's CPD can be claimed for this event if relevant to your learning and development needs.
It is recommended that you keep any evidence of the CPD activity you have completed and upload copies to the recording tool as the CII may ask to see this if your record is selected for review. Details of the scheme can be viewed online at www.cii.co.uk/cpd.