FCA not banning commission for brokers, says Sheldon Mills


The Financial Conduct Authority is not looking to ban or set commission levels, but brokers have more work to do in valuing their services, according to executive director of consumers and competition Sheldon Mills.

At the watchdog’s annual general meeting Mills had referenced seeing brokers charge 62% commission on cladding insurance. The figure had been previously flagged by the FCA, which confirmed last month that new measures in the multi-occupancy buildings insurance market will come into force on 31 December. Mills labelled the percentage as high.

At a press conference following the annual general meeting, Mills was asked if the FCA was considering banning commission.

It is not for us to set what

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