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Aon's Julie Page, Marsh's Chris Lay, former Home Secretary Amber Rudd, and ABI chair and Allianz UK chief Jon Dye join the initiative. -
The probe will address investor Squadra’s complaints.
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The risk management body said there needed to be better co-ordination between national governments and backstop pools.
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The Netherlands joins Germany and France as countries which have backstops in place.
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Clients could be offered a proportion of their agreed limit in exchange for dropping their claims.
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Policyholders also get another 60 days to pay premiums.
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The regulator is to enforce measures to help customers in financial distress from 18 May.
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Details of the scheme, which is slated to run until the end of the year, are yet to be determined.
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The ACPR sent the mutual a second letter ordering reforms.
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Treasurer Josh Frydenberg cites Covid-19 recovery and support efforts.
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The project is one of a number of initiatives stalled or postponed because of Covid-19 pressures.
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The Financial Ombudsman works within parameters that pay limited heed to legal contracts. ‘Fairness’ versus the law in Covid-19 BI disputes
