Covid proved the value of the financial markets test case scheme15 Jun 2021 // In the press
Commercial Litigation Associate David Wright writes for Litigation Futures
In an article first published in Litigation Futures, David reflects on the first case brought under the FCA's financial markets test case scheme, the FCA's Supreme Court challenge over the interpretation of business interruption insurance policies.
David argues that "the test case scheme was a resounding success. It allowed the FCA to act quickly and for a wide range of policies to be ruled on at once with a speedy resolution. [...] Covid brought together the perfect storm of urgency to act, a wide range of insurers and insured who needed decisions on a broad point, and a regulator funded and willing to act at significant cost to utilise this test case scheme."
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