Government minister Simon Clarke has written to Steve White, CEO of the British Insurance Brokers’ Association, demanding immediate changes to unfair commissions and a plan to reform market culture and practice after the regulator’s report into multi-occupancy buildings insurance.
The Financial Conduct Authority delivered its recommendations and potential remedies to reform the flats insurance market yesterday (September 21).
On the same day Clarke, Secretary of State for Leveling Up, Housing & Communities, took aim at broker commission in the letter to White.
Clarke noted that the report had “brought to light disturbing evidence on remuneration practices”.
He cited that broker commissions accounted for 30% of the premium and the average absolute value of commissions
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