FCA confirms leasehold buildings insurance reforms

Summary:

The Financial Conduct Authority (FCA) has introduced new measures to support leaseholders in the multi-occupancy buildings insurance market. From January, insurance firms will be required to act in leaseholders' best interests, provide fair value insurance policies, and transparently disclose commission paid to leaseholders. The FCA's review found significant premium rises in the sector since the Grenfell tragedy, resulting in poor value and higher costs for leaseholders. The regulator will monitor compliance and take action if firms breach the new rules.