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On 11 December, the Financial Conduct Authority published draft guidance on how the presence of COVID-19 can be proved where that is a necessary element of establishing a business interruption claim on a property damage policy. The draft has been launched as a consultation exercise, with the period for comment ending on 18 January 2021.
In mid-November, the UK Supreme Court heard appeals on a number of issues in the FCA’s COVID-19 business interruption insurance test case. The Supreme Court has just announced that its judgment will not be available before January 2021. The FCA has said that issues relating to the presence of COVID-19 were not subject to the appeal and that therefore the Supreme Court’s ruling is not expected to affect the guidance.
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Sputnik International
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In a landmark judgment (and in unusual circumstances), the UK Supreme Court has held that the ongoing Merricks v Mastercard case should be referred back to the Competition Appeal Tribunal (CAT). Not only is this a step towards Merricks claim that interchange fees were an invisible tax on UK consumers being heard in court, but – more importantly – it is also likely to have a significant impact on UK collective proceedings for years to come.
Background
The roots of the case go back to 2007, when the European Commission found that Mastercard s multi-lateral interchange fees were anti-competitive. Interchange fees are the fees paid by businesses when transactions are made using a Mastercard, which ultimately, it was held, resulted in higher prices being charged to consumers. This finding led Walter Merricks, the former Chief Ombudsman of the Financial Ombudsman Service, to start a claim in the UK. Acting as a propos
Tory PM Edward Heath concealed the identity of a paramilitary organisation which perpetrated a massacre in Belfast in 1971. He did so to acquire the votes he needed to win a majority in the House of Commons to enable the UK to join the EEC, the forerunner of the EU. What he did has remained the best kept and murkiest secret of the EEC-EU-BREXIT saga of the last 50 years. A string of declassified documents have now emerged which, when read together, expose what Heath, the British Army, propaganda operatives and the RUC Special Branch did. The documents are about to be presented to the new British Cabinet Secretary, Simon Case.
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LONDON There will be no judgment in an appeal over business interruption insurance this year, Britain’s markets watchdog said on Tuesday, dashing hopes of an early outcome in a case that could affect billions of pounds in claims.
Britain’s Financial Conduct Authority has been told by the UK’s Supreme Court that no judgment will be handed down before January 2021, the regulator said on its web page dedicated to the case.
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