Research
A contemporaneous evaluation of the degree of success of the Financial Markets Test Case Scheme in the seminal case of FCA v Arch Insurers and Others (2021) UKSC 1
Author:
Sean Burke
City, University of London, GB
Abstract
The COVID-19 pandemic has disrupted the lives of virtually every single human being on planet earth. It has had catastrophic consequences on all parts of day-to-day life, especially the economy. Businesses were mandated to shut under public health grounds, costing them huge sums of money and destroying some businesses altogether. The businesses which did manage to survive found themselves in dire situations and subsequently instigated business interruption insurance claims for an indemnity to cover the money which had been lost. The sheer scale of this public health emergency resulted in an extraordinary number of claims being brought forward. Unsurprisingly, these claims were largely rejected by insurers. This left hundreds of thousands of policyholders in uncertain positions as, in many cases, legitimate claims were being rejected. The Financial Conduct Authority (hereinafter ‘FCA’) recognised the sheer scale of the potential fallout of so many businesses not being covered and so sought to commence a special type of claim in the newly founded Financial List. This dissertation will evaluate and assess the degree of success of the use of the Scheme in the seminal FCA test case.
How to Cite:
Burke, S., 2023. A contemporaneous evaluation of the degree of success of the Financial Markets Test Case Scheme in the seminal case of FCA v Arch Insurers and Others (2021) UKSC 1 . LSE Law Review, 8(3), pp.286–321.
Published on
13 Mar 2023.
Peer Reviewed
Downloads
