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Company News

UK regulator, insurers, brace for Supreme Court battle over COVID-19 case

LONDON, Sept 30 (Reuters) - Britain’s markets regulator said on Wednesday it had failed to strike a deal with major insurers over prompt payouts to small businesses battered by the coronavirus pandemic, dashing 11th-hour hopes that a Supreme Court appeal could be avoided.

The Financial Conduct Authority (FCA) had set a late Wednesday deadline for talks with insurers, such as QBE and RSA, to ensure eligible business interruption (BI) claims would be paid speedily, after the High Court ruled that thousands had been wrongly rejected.

Reporting by Kirstin Ridley and Huw Jones; editing by Carolyn Cohn

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