UK Insurers Warned Over Unfair Deductions On Biz Claims
Law360, London (March 24, 2021, 1:28 PM GMT) -- The Financial Conduct Authority said Wednesday it will intervene if it believes insurers are continuing to unfairly deduct government support from payouts to businesses hit by the pandemic.
The regulator said that it might sometimes be appropriate for insurers to make deductions, but that they should do so only on a case-by-case basis.
"We may intervene and take further actions where firms do not appear to be meeting our expectations and treating their customers fairly on these points," the FCA said.
The government announced at the start of the pandemic that it would provide small businesses with grants of £10,000 ($13,400)...
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