FCA Multi-Occupancy Building reforms

Insurance Commissions

The Financial Conduct Authority (FCA) has recently published changes to the rules surrounding commission payments to managing agents acting as introducers for insurance policies. In the interest of transparency Barnsdales ceased receiving such payments in June 2023.

Instead we have reviewed our management fees to take into account the work involved in reviewing cover, going to market, ensuring the Statement of Fact is up to date and the handling of insurance claims.

With the introduction of our new software, Blockman, for leasehold and estate management clients, all insurance documentation will be made available on the MyBlockman to be accessed at the push of a button.

Barnsdales work with a number of brokers to ensure that adequate cover is in place that meets not only the requirements of the lease but mortgage conditions. We go to market annually to achieve full coverage at a competitive price.

For more information on this matter please click here - https://www.lease-advice.org/news-item/financial-conduct-authority-proposing-new-rights-and-protections-for-leaseholders-to-improve-the-transparency-of-the-multi-occupancy-leasehold-buildings-insurance-market/

Please feel free to contact Rebecca O'Neil in the Barnsdales Block Management team for more help and assistance 01302 323 453.