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FCA Warns Insurance Bosses Over COVID-19 Claims

Law360, London (November 24, 2020, 4:10 PM GMT) — The Financial Conduct Authority said it will hold senior bosses of Lloyd’s of London insurers directly to account if it finds evidence that customers with claims from the pandemic have been treated unfairly. 

The FCA said in a so-called Dear CEO letter on Monday that it is examining how insurers in the London market are handling claims from current policies and run-off business.

The City watchdog said it will use its powers under the Senior Managers and Certification Regime to target bosses directly if it finds evidence that customers have been treated unfairly.

“Lack of effective governance and oversight may lead…

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