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September 22, 2022
Following the Government’s request for an investigation to focus on premium increases and market competition, the FCA has set out a range of recommendations in an interim report designed to provide leaseholders with greater protection from high prices and to ensure the multi-occupancy buildings insurance market operates more effectively. It has published a brief web page, in addition to its press release, summarising the key issues and findings.
Also, in response to the FCA’s report, Simon Clarke (the previous Secretary of State for Levelling Up, Housing & Communities) wrote to the ABI, the FCA and BIBA urging action.
The 68-page report draws in part on an analysis of some 374,000 data items but contains no immediate proposals. The FCA does, however, suggest a number of different options and asks for feedback.
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