The Collective: The insurance industry – an update from the Treasury Select Committee

7 May 2020

We were very grateful to have some of Harriett Baldwin’s time today. Harriett is the MP for West Worcestershire and a member of the Treasury Select Committee.

Harriett updated us on the Committee’s progress with regard to investigating the insurance industry, encouraging them to take responsibility where policy detail dictates that a payout is due. As a result, with regard to Business interruption insurance and Wedding insurance, the government is taking the following actions:

Business interruption insurance:

The FCA is putting a test case through the courts, which if successful could pave the way for businesses to receive insurance payouts.

Wedding / Event insurance:

The Financial Ombudsman is being resourced to deal with all customer complaints about insurers. The advice is to encourage your customers who have been rejected by their insurance companies to seek redress from the ombudsman. Visit https://www.financial-ombudsman.org.uk/

And if you missed the session with Harriett you can catch up here:The Hostology Collective


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