Biba welcomes FCA flat insurance reforms
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
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