Britain's financial services compensation body is 'keeping an eye' on insurers facing claims from companies whose business has been interrupted by the COVID-19 pandemic, its chief executive told Reuters.
LONDON - Britain’s financial services compensation body is “keeping an eye” on insurers facing claims from companies whose business has been interrupted by the COVID-19 pandemic, its chief executive told Reuters.
The Financial Services Compensation Scheme is braced for a rise in claims as some financial firms go under during the pandemic, and is working with the FCA, Bank of England and finance ministry to quantify that, its Chief Executive Caroline Rainbird said. Rainbird said the body could if needs be raise additional levies through the financial year. An FSCS running out of money would harm public confidence in financial services, she added.
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