Biba welcomes FCA flat insurance reforms

BIBA 2018

The British Insurance Brokers’ Association has welcomed the Financial Conduct Authority’s rule changes on residential multi-occupancy buildings insurance.

The watchdog has moved to enforce commission transparency and a near ban on brokers paying commission to third parties.

The regulations, first consulted on in April, will come into force on 31 December.

Unveiling the reforms, the watchdog acknowledged it was “making the rules and guidance broadly as they were in the consultation paper”, but also delivered more precision, as it brought profit-shares within the scope of being transparent on commission.

Last September, the FCA took aim at

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.

You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Insurance Age? View our subscription options

Register

Sign up and gain access to five complimentary news articles every month.

Already have an account? Sign in here

This address will be used to create your account

Broking Success: Fiercely independent

Paul Wadsworth, managing director of FR Ball, is looking to grow the business to £24m gross written premiums as it aims to offer soft landings for acquisitions.

Most read articles loading...

You need to sign in to use this feature. If you don’t have an Insurance Age account, please register now.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: