On 10 June the regulator provided an update on the BI test case, having initiated declaratory proceedings on 9 June as planned. The update covers a wealth of material, including the claim form, the particulars of claim and further information on the factual hypotheses against which the sample business interruption policy wordings are to be tested.
The financial regulator generally publishes its business plan in early spring. The plan for 2020/21 was released this week and is dominated by its approach to protecting customers and promoting stable and efficient markets during the coronavirus pandemic. It also highlights the challenges facing the UK financial services regime as we move towards the end of the EU transition period and summarises the particular scrutiny it will bring to bear on the main parts of the financial services sector, general insurance being one.