Biba delivers fair value assessment framework
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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