FCA confirms start date for leasehold buildings insurance reforms
The Financial Conduct Authority has confirmed new measures to support leaseholders in the multi-occupancy buildings insurance market will come into force on 31 December which for brokers will mean being transparent on commission and a near ban on paying commissions to third parties.
Insurance firms will be banned from recommending an insurance policy based on commission or remuneration levels, forced to act in leaseholders’ best interests and treat leaseholders as customers when designing products, the watchdog detailed.
The regulator had opened a consultation on the rule changes in April. It moved to crack down on failures in the buildings’ insurance market after leaseholders in high rise flats complained they were hit with sky-high insurance premiums following the
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