FCA recommends Biba works on risk pool “to limit commission costs” in flats insurance report
The Financial Conduct Authority has warned of “significant concern” over some broker commissions in the multi-occupancy buildings insurance market and taken aim at a lack of transparency by the insurance sector in its dealings with leaseholders as well as “material issues and shortcomings” in data.
The authority today called on the British Insurance Brokers’ Association and the Association of British Insurers to work on creating a risk pooling solution as it unveiled its recommendations and potential remedies to reform the market.
The FCA set out that it will work with the insurance industry and government to develop proposals for how the cross-industry pool could work in practice, including considering the role of the reinsurance sector.
It recommended Biba “engage with the design of
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