Multi-Occupancy Buildings Insurance Reforms
With effect from 31st December 2023, the Financial Conduct Authority (FCA) on instruction from the Government has introduced the Multi-Occupancy Buildings Insurance Reforms (the Reforms). As a result, the FCA requires us to liaise with you over the compulsory disclosure of key information that is now the right of your residential tenants/leaseholders to know. In summary, this means that any residential tenant/leaseholder, who is paying an amount relating to the insurance premium either separately or within a service charge and/or having an interest in the subject matter of the buildings insurance, will be classed as a ‘policy stakeholder’. You must individually provide each of them with specific information regarding the policy. This will include how the premium you have allocated specifically to them for payment is calculated. You must do this by disclosing any commission earnt, any and all payments you receive, additional charges or fees you add and in addition the cost of interest charges and fees.