FCA plans fee increase to fund £7.5mn BI test case legal bill
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FCA plans fee increase to fund £7.5mn BI test case legal bill

BRITAIN-LONDON-PROROGATION SUPREME COURT

The Financial Conduct Authority (FCA) is proposing to increase the fees charged to insurers in order to fund the £7.5mn ($10.4mn) legal costs of participating in the test case over BI cover.

The regulator said that participation in the case was likely to have saved insurers and policyholders significant legal costs, as well as creating a point of legal clarity far faster than would otherwise have been the case.

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