Duncan Carter CEO of GRP Retail talks to Insurance Post about Leasehold Property Owners insurance
Duncan Carter CEO of GRP Retail has been featured in Insurance Post discussing the imminent publication of new FCA rules governing broker, property managing agent and freeholder commissions for leasehold property insurance.
The insurance industry is awaiting the imminent publication of new FCA rules governing broker commissions for leasehold property insurance following its consultation that closed on 9 June.
With mixed messages from the Government and FCA regarding commissions for leasehold property insurance, Duncan was part of a Biba working group that presented a broker's perspective on this issue with the aim of finding a sensible compromise in the best interests of both property owners and leaseholders.
It is hoped that the new rules, which will call for a sharper approach to evidencing fair value for both retained commissions and those shared with property managing agents and freeholders and hard disclosure of insurance arrangements to leaseholder, will bring closure to a thorny problem that had its genesis in the Grenfell Tower tragedy in June 2017