Crackdown on commission for leasehold building insurance

The FCA is pushing ahead witha set of measuresto protect leaseholders in blocks of flats when they pay for building insurance.

By Neasa MacErlean

The regulator launched the package with a warning to brokers that they are immediately expected to stop paying commissions to third parties (including property managing agents and freeholders). Firms have until 9 June to submit responses to the proposed changes, and the FCA intends to publish its plans between July and September.