Biba defends broker earnings after FCA overhaul in property commissions
The British Insurance Brokers’ Association backed changes the Financial Conduct Authority wants to improve transparency for leaseholders, while also defending broker earnings.
Brokers are facing an overhaul in customer reporting and profit sharing in the buildings’ insurance market after the FCA released a report on Friday last week showing widespread market failure.
The four changes that the FCA are to enforce are:
Interests leaseholders are properly considered when firms design their products; Prices are fair value to leaseholders as well as freeholders; Remuneration of all parties involved in insurance distribution has a fair relationship to the benefitsOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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