The FCA said it had hired a trio of QCs, working alongside solicitors Herbert Smith Freehills, to "put forward policyholders' arguments to their best advantage, in the public interest".
"The court action we are taking is aimed at providing clarity and certainty for everyone involved in these BI disputes, policyholder and insurer alike," FCA chief executive Christopher Woolard said in a statement.
"By covering multiple policies and insurers, it will be of most use across the market."
QBE has not responded publicly to the FCA's latest notice. Zurich and Hiscox issued statements welcoming the test case, with Zurich saying it was "confident in its interpretation of UK policy wordings".
RSA also issued a statement, noting that its selection for the FCA's shortlist of eight insurers was not based on any deeper exposure to the problem.
"RSA's inclusion is not representative of its market share on the relevant policy wordings," the statement said.
"The great majority of business interruption claims are not expected to be eligible under their coverage terms for COVID-19, and the court proceedings seek to address the legal interpretation of just a small minority of policies and schemes."
RSA said its total COVID-19 claim costs, which includes several other lines of insurance, would be £25 million ($46 million) net of reinsurance.
Mishcon's separate action targets only QBE and Aviva, and looks set to go ahead despite the FCA's broader effort.
Mishcon partner Sonia Campbell said in a statement in May that her team had been "overwhelmed by the expressions of interest in bringing actions against insurers from within the hospitality industry". She described the insurance industry as "intransigent".
Ms Campbell said the potential class action had been limited to the specific policy wordings used by Aviva and QBE, and the firm was referring customers of other insurers to the FCA's test case.
The FCA and the group of eight insurers will settle the exact timetable for their case at a meeting on around June 11. The insurers including QBE have until June 23 to file their defences, after which a further round of paper tit-for-tat will precede a five- to 10-day court hearing in the second half of July. A judgment could come as soon as the end of next month.
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