FCA to clamp down on high insurance costs for leasehold flats
The UK’s top financial regulator said on Friday it would beef up protection for leaseholders in blocks of flats from paying excessive insurance costs as part of a clampdown on insurance brokers overcharging for the products and handing large commissions to landlords.
The investigation into brokers covering about a third of the market found firms had not produced enough evidence to justify a nearly 40 per cent rise between 2019 and 2022 in their fees from these insurance products, the Financial Conduct Authority said in an accompanying report.
This story originally appeared on: Financial Times - Author:Ian Smith
