‘Outraged’ Gove demands immediate penalties on brokers failing on property commissions
An “outraged” Michael Gove is demanding the regulator takes “immediate enforcement action” on brokers who cannot demonstrate their buildings’ insurance commissions are fair value.
In a scathing letter last week to Financial Conduct Authority CEO Nikhil Rathi, the Secretary of State for Levelling Up said he was “outraged” that in the last three years broker commissions on buildings’ insurance have risen 40% and £80m has been shared out to third parties.
Urging the FCA to take a hardline stance, he wrote: “I believe the FCA should take immediate enforcement action against those brokers and managing agents that cannot demonstrate their commissions represent fair value
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