Commenting on the Supreme Court’s decision to rule in favour of policyholders in the landmark Financial Conduct Authority (FCA) business interruption insurance test case, Andrew McRae, the Federation of Small Businesses (FSB) Scotland policy chair, said:
“While this is good news for many smaller firms in Scotland, it is of great concern that it has taken a decision from the courts to get insurers to pay out on policies which responsible business owners bought in good faith.
“This victory for small businesses could deliver more than a £100 million boost for Scotland’s independent and local firms. But to save many operators that are already on the brink, we need to see providers pay out quickly. After a nightmare year, we can’t see the insurance industry drag their heels.”
As experts in business, FSB offers members a wide range of vital business services, including advice, financial expertise, support and a powerful voice in Government. Its aim is to help smaller businesses achieve their ambitions.
External Affairs Manager, Scotland
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