Biba welcomes FCA tower blocks insurance report and flags commission rate fall
The British Insurance Brokers’ Association has welcomed the Financial Conduct Authority’s report on insurance for multi-occupancy buildings and broadly supported the key recommendations but warned of "unintended consequences".
The FCA’s suggested package of measures has been designed to give leaseholders greater protections and improved information about their insurance costs, as well as improve the affordability and availability of insurance.
The watchdog called on Biba and the Association of British Insurers to engage on a risk pooling solution.
The ABI has committed to working “at pace” on the solution as the FCA called for a plan within two months.
Biba stated: “We are pleased that the FCA supports the idea of
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