FCA Warns Insurers On Late Payments For Biz Interruption

By Martin Croucher (August 26, 2021, 1:14 PM BST) -- The City watchdog has warned that it will intervene if it sees insurers dragging their heels on paying out on claims for business interruption, as official figures show a third of policyholders are still waiting for compensation more than seven months after a High Court test case.

The Financial Conduct Authority said in a letter to insurance company directors, published on Wednesday, that it will use the "full range" of its powers if it found evidence that they were delaying payments.

"Our expectation is that all businesses with valid [business interruption] claims receive the payments due to them as soon as...

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