Context
Sheldon Mills, FCA Executive Director – Consumers and Competition, has written to the Secretary of State for Levelling Up, Housing and Communities providing an update on the FCA’s work in relation to multi-occupancy buildings insurance. This communication comes as the Leasehold Reform Bill has completed its third reading in the House of Commons and has moved on for reading in the House of Lords.
The letter makes the point that it reports on the FCA’s progress on the issues within its jurisdiction, but acknowledges that it has worked with the Department for Levelling up, Housing and Communities (DLUHC) and other stakeholders on those issues outside the remit set for the FCA by Parliament.
Key points to note and next actions
The Letter includes updates and commentary on:
- enhanced leaseholder rights and protections;
- insurer risk modelling and pricing of multi-occupancy buildings insurance;
- the adoption of the ABI/BIBA industry data standards and data availability;
- insurance intermediaries, remuneration and commission; and
- the ABI designed reinsurance scheme.