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ARTICLE · 26 MAY 2021

FCA Test Case – The Supreme Court Judgment: A Guide For Policyholders

Fenchurch Law
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On Friday 15 January 2021 the UK Supreme Court handed down its judgment in the FCA Test Case. The case was brought under the Financial Markets Test

United KingdomLitigation, Mediation & Arbitration
Aaron Le Marquer
Aaron Le Marquer

On Friday 15 January 2021 the UK Supreme Court handed down its judgment in the FCA Test Case. The case was brought under the Financial Markets Test Case scheme by the FCA against 8 insurers, and considered the extent to which BI coverage was available under a selection of 'non-damage' BI extensions provided in a sample of 21 policy wordings.

The judgment is wide-ranging and extends to 114 pages. This guide does not attempt to capture all of the Supreme Court's findings nor to describe the legal issues in any detail, but aims to provide Policyholders with what they need to know.

Who won?

The Supreme Court found resoundingly in favour of policyholders, essentially upholding the findings of the High Court and in some cases broadening the coverage available for Covid-19 BI losses.

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