This Market Briefing will focus on the FCA’s new rules that come into force from 31st December 2023 to treat leaseholders in multi-occupancy buildings (and other policy stakeholders in similar positions) as customers, which for MGAs will include being transparent on property owners’ policy remuneration. It will also result in increased scrutiny on the paying of commissions to brokers and subsequently to third parties such as freeholders and property managing agents.
Learning Objectives
At the end of this session, delegates will be able to:
- Explain the reasons why the FCA intervened in the multi-occupancy residential buildings insurance sector.
- Describe the main new rules applicable to this class of insurance.
- Specify the wider ramifications of the new rules for other insurance products.
- Summarise the implications for MGAs and their senior managers.
About the Presenter
David Allison
10 years in compliance with ICS (formerly CMS) helping MGAs and other insurance intermediaries navigate the increasingly choppy regulatory waters of the UK insurance space. Prior to working in compliance David worked as an insurance broker for 20 years and ran various delegated authority schemes, after starting his career with 7 years at a composite insurer. He is a qualified Associate of the Chartered Insurance Institute and a Chartered Insurance Practitioner, and sits on the MGAA’s Legal, Compliance, Conduct and Ethics Committee.
