“Wake-up call” for brokers as FCA zones in on fair value

Target

The regulator sends a shot across the bow to brokers about leaseholder buildings insurance as the sector is warned to look at the wider picture.

Brokers have been warned to ensure any remuneration or commission they get with regard to buildings leaseholder insurance offers fair value to the policyholder.

In a recent communication to the market, the Financial Conduct Authority highlighted the issue:

“In recent years, the cost of buildings insurance has increased significantly for some apartment buildings, especially if the building’s exterior is clad with potentially combustible materials. This has led to a rise in charges for some

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Broking profits fall at Saga

Underlying profit before tax in Saga’s insurance broking arm fell to £39.8m for the year ended 31 January 2024, compared with £71.5m in the previous period.

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