Biba urges Government to bring forward ban on sharing property commission
The British Insurance Brokers’ Association urged the Government to bring forward legislation to ban the sharing of commission with property managing agents, freeholders and landlords to create a ‘level playing field and avoid an early mover penalty’.
CEO Steve White also acknowledged a “remedy lies with [its] members” with regards to the quality and accuracy of the fair value assessments in the multi-occupancy buildings insurance market and it would be publishing guidance on best practice.
These have all been outlined in a letter to The Rt Hon Michael Gove MP, Secretary of State for Levelling Up, Housing & Communities, following his own communication to Biba about broker remuneration in light of the Financial Conduct Authority’s report last
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