Gove vows commission-chain ban as FCA buildings review on highest charging brokers imminent
A Financial Conduct Authority review into brokers charging the highest commissions for work on buildings insurance is due in just a few weeks as government minister Michael Gove vowed to ban commission-chains and bring in ‘transparent’ fees.
The Secretary of State for Levelling Up wants the regulator to publish its review in March and then update him with an action plan by the summer.
Gove is concerned that insurance brokers, along with managing agents, landlords and freeholders, are taking excessive commissions for buildings insurance work.
In a letter sent yesterday to FCA chief executive Nikhil Rathi, Gove vowed to ban managing agents, landlords and freeholders from taking commissions, replacing it with ‘more transparent fees’
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