FSCS faces £60m payout in Indepenent Insurance case
The government's Financial Services Compensation Scheme faces a potential bill of up to £60m to cover legal costs of corporate policy holders of insolvent insurers following a Court of Appeal decision relating to the collpase of Independent Insurance.
The potential payout follows a decision to uphold a previous judgement brought by city law firm Davies Arnold Cooper on behalf of GeoLogistics, a policyholder with Independent Insurace.DAC
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