Brokers pledge to stop sharing building commissions and cap fees
Five top 100 UK broking groups have pledged to end sharing building insurance commissions with landlords and to cap fees. However, many others have not signed up including Gallagher UK who has refused to back the pledge in its existing version over concerns about "possible unintended consequences".
As first reported by the Financial Times, WTW, Lockton, Brown & Brown, Bridge and PIB have agreed with the government to stop the practice of sharing commissions with third parties on cladded buildings that are more than 11 metres in height that have known fire-safety issues.
They also pledged to cap the proportion of the premiums they take at 15%. The government claims this would lower costs for thousands of leaseholders in buildings with fire safety issues.
These brokers are to be
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