1 May Covid-19 update
As every a number of adjustments and developments today all of which you will pick up on elsewhere. One item I do think worth highlighting is the announcement from the Financial Conduct Authority stating its intent to seek legal clarity on business interruption insurance and outlining a package of measures to help consumer and small businesses.
The FCA statement is very clear that they think the majority of businesses will not have purchased valid cover for the current situation. What they are attempting to do is to establish in law as soon as is practical where businesses that fall into grey areas or have valid cause for compliant so these can be settled (my interpretation not theirs). My concern is that by the time the announcement has done the weakened press round it may end up offering false hope to those who sadly fall in to the not covered categories. It therefore important initially, I think, that people read what the FCA have written and not rely on second or third and subsequent hand interpretations like mine above. At least not until more detailed description of the proposals are available.
Meanwhile the package of measures described in the second part of the FCA release although individually smaller in their value may be of much more practical assistance to hard pressed businesses and there is a danger they get lost in the more headline grabbing debates about the rights and wrongs of business interruption insurance and the interpretation of what it does or doesn’t cover.
https://www.fca.org.uk/news/press-releases/fca-seeks-legal-clarity-business-interruption-insurance
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