The FCA gave an update today on the timeline it expects to meet for its business interruption test case.
It also highlighted 16 insurers that will participate in the High Court procedure to represent 17 policy wordings the regulator believes will bring the most amount of clarity to the market.
But Hiscox Action Group (HAG) co-founder Daniel C Duckett believes the process could go on for months if the decisions in the test case are appealed, reinforcing its choice to seek redress through an expedited arbitration claim.
Speaking to NS Insurance, he said: “This doesn’t affect our plans at all. In fact it reinforces our decision based on their extremely lengthy timeline.
“With a hopeful court date in late July that could last at least two weeks, that would push an initial decision into August,” he said.
“This doesn’t take into account the appeals process, which would again push a final decision back months or potentially years.
“The HAG firmly believe the insurance industry will push back until all avenues are exhausted in an effort to dissuade claims.
“We are instructing our members that the Financial Ombudsman Service route will be stayed pending that outcome, so complaints may not be heard for quite some time.”