Day: June 17, 2020

Role of Herbert Smith Freehills questioned in FCA review of rejected Covid-19 business interruption claims

Mactavish, the specialist outsourced insurance buyer and claims resolution expert, has reviewed the list of insurance policies that the FCA has published as being subject to review by the Court in the Covid-19 related legal review of failed business interruption claims.

Mactavish is calling on Herbert Smith Freehills, which is representing the FCA in this case, to disclose if it also represents any of the insurers or brokers whose wordings will be subject to scrutiny since Mactavish believes that if that is the case it is difficult to see how conflicts of interest would not arise.  Mactavish believes that there is a public interest in this disclosure because the FCA, which will presumably be paying their fees, is funded by the taxpayer and was set up to be an independent body to protect the interests of consumers.

Mactavish has also discovered that several of the policy wordings in the policies

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910,000 UK businesses have borrowed £38BN to get through Covid 19

More than 910,000 businesses have now been helped by the banking and finance industry through the government’s coronavirus loan schemes.

Figures published by HM Treasury today reveal that lenders have provided £38.2 billion through the three major government-backed lending programmes. £3.3 billion has been approved to 83,000 businesses in the past week, with more applications expected to be approved in the coming days as the industry continues to help the UK get through these tough times.

These figures come as recent research for UK Finance by BVA BDRC revealed that almost 90 per cent of SMEs have had their applications for a Bounce Bank Loan (BBL) or Coronavirus Business Interruption Loan (CBILS) facility approved where a final decision has been made.2

The industry has provided loans to over 860,000 businesses through the BBL scheme since the support was launched six weeks ago – an average of more than 140,000

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Claim for Goldfields compensation

An Aboriginal group that gets most of its funding from BHP Nickel West has launched a Federal Court claim it says will guide compensation negotiations with native title holders across the country.
Tjiwarl Aboriginal Corporation filed two compensation claims in the Federal Court today.… Read More

Bloomberg Industry Group union asks for June 19 holiday

Fatima Hussein, the Bloomberg Law reporter who is president of the union at Bloomberg Industry Group, sent the following to her colleagues on Tuesday:

Dear Colleagues,

The holidays we observe as a society tell a lot about us as a people, a society and what we value.  We want to talk about three holidays today: Juneteenth, Emancipation Day, and the Federal Holiday that falls on the second Monday in October.

This Friday is Juneteenth, a day that commemorates when enslaved people in Texas learned of their freedom on June 19, 1865. Two months after the confederacy had surrendered, and two and a half years since the Emancipation Proclamation the people learned of their freedom. Annually, people in Texas would celebrate, reflect, and remember this day.  The observance spread across the nation and has become a cornerstone for the Black community.  We know many of our Black colleagues use their

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