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May 30, 2023
The issue of multi-occupancy leasehold buildings insurance is now under a significant FCA and Government spotlight. The FCA is concerned about the amount brokers are earning, and the amounts paid away to freeholders and property managing agents. The Consultation contains proposals to mandate full commission disclosure, to include leaseholders within the reach of some ICOBS rules, and to require insurers and brokers to provide more information to leaseholders.
The FCA is proposing new rights and protections for leaseholders to improve the transparency of the multi-occupancy leasehold buildings insurance market. The Consultation gives no clear indication whether it relates purely to residential multi-occupancy leasehold buildings, or to multi-occupancy leasehold buildings in general, but it seems that the intention is for the new rules to relate to all multi-occupancy leasehold buildings.
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