Webinar: Multi-occupancy premises – the impact of the FCA review
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The new rules on multi-occupancy insurance comes into force on the 1st January 2024. These new rules will impact in excess of 5 million leaseholders. Leaseholder will be defined as stakeholders and firms will have to act in their best interest and no commission sharing will be allowed with property managing agents unless clear value to the leaseholder is evidenced. Insurers and brokers will need to provide more information about policies to leaseholders, including detail of all remuneration.
BIBA welcomed the introduction of the new policy stakeholder status for leaseholders and the increased transparency requirements around insurance arrangements and remuneration. They have been involved in some extensive work to help members better demonstrate fair value for the activities and services they provide. Learn about the new Fair Value Assessment Framework which measures and evidences value for commission retention and commission sharing.
John Batty is the Technical Director at Bridge Insurance Brokers Limited, BIBA Main Board Director and the Chair of BIBA Regional Chairs Advisory Board.
John has a wealth of technical knowledge. His role at Bridge includes technical reviews and placement of cross class insurance programmes. He acts as a referral point for staff as well as helping to develop technical insurance products including utilising technology as a delivery method.
The learning objectives for this session are as follows:
- FCA policy statement on residential multi-occupancy buildings
- New rules on multi-occupancy insurances and the ramifications of this to insurers and brokers
- Fair Value Assessment Framework