Biba delivers fair value assessment framework

Form coming out of computer screen

The British Insurance Brokers’ Association has launched a fair value assessment framework, after the Financial Conduct Authority took aim at brokers in its review of flat insurance costs.

The watchdog confirmed last month that leaseholder buildings insurance reforms will kick in on 31 December.

The FCA crackdown followed failures in the buildings insurance market, after leaseholders in high-rise flats complained they were hit with sky-high insurance premiums following the Grenfell Tower disaster in June 2017.

In September last year, the regulator delivered recommendations and potential remedies.

This April, the FCA hit out at commission rates, finding evidence of high levels

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Lords Committee ‘unconvinced’ on FCA name and shame proposal

The House of Lords Financial Services Regulation Committee is unconvinced on the FCA’s name and shame plans as it branded the consultation an “abject failure” and urged if concerns have not been addressed in the regulator’s second consultation the proposals should not go ahead.

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