A government pledge signed by five insurance brokers will stop the sharing of commissions with parties who place or arrange buildings insurance for blocks with identified fire safety issues that are over 11 metres or four storeys.
The pledge also introduces a cap of 15% on the premium that brokers take to compensate for their work in arranging the insurance. A recent Financial Conduct Authority (FCA) report on broker remuneration found that this amount can be as high as 60% of the cost of the premium paid by leaseholders.
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