FCA sets out pooling and lower commission in flats insurance review
The Financial Conduct Authority has delivered its recommendations and potential remedies to reform the multi-occupancy buildings insurance market including a cross industry pool and lowering commissions.
In January Michael Gove, then the Secretary of State for Levelling Up, Housing and Communities, called on the FCA to review the insurance market for multiple-occupancy residential buildings.
The watchdog’s report has recommended creating a cross industry pool to limit the risk to individual insurers posed by certain buildings affected by flammable cladding or other material fire safety risks.
This, the FCA said, was aimed at reducing the price of insurance for these buildings.
The authority
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