FCA contemplated commission level ban in flats insurance review
The Financial Conduct Authority “considered a number of options” as it worked on the multi-occupancy buildings insurance review and “one of them would include whether we should go forward and try to think about potential price caps or bans”, Sheldon Mills has confirmed.
The executive director for consumers and competition at the FCA has also confirmed a further investigation into excessive commission levels.
The residential buildings insurance review was prompted by then Secretary of State Michael Gove writing to the FCA in January saying he was “extremely concerned” about the pressure leaseholders face from rapidly escalating insurance premiums on blocks of flats following the Grenfell Tower tragedy.
Published last month the review found evidence of brokers
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