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FCA confirms leasehold buildings insurance reforms

By 2023-09-29T10:04:00

high rise flat

’Our reforms will help to strengthen the insurance market by providing new protections for leaseholders,’ says executive director of consumers and competition

The FCA has this morning (29 September 2023) confirmed planned measures designed to support leaseholders in the multi-occupancy buildings insurance market. 

From 1 January 2024, the regulator will force insurance firms to “act in leaseholders’ best interests, treat leaseholders as customer when desiging products and will be banned from recommending an insurance policy based on comission or remuneration levels”. 

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