The Secretary of State for Levelling Up, Housing and Communities has written to the FCA and CMA in relation to buildings insurance premiums for leaseholders living in buildings with cladding.
James Dalton, ABI Director General Insurance Policy, says:
Insurers recognise and sympathise with the challenges leaseholders are facing in terms of the increased cost of buildings insurance and have been working with the Government and FCA to identify options to assist leaseholders until the necessary remediation work has been completed. The cost of buildings insurance reflects the significant fire risks associated with many multiple-occupancy residential buildings, which go beyond cladding under a building control system that has been found to be “not fit for purpose”.
We welcome this request to the FCA in the interest of helping resolve the issue for those affected and, alongside our members, will do all we can to assist.”
For information, the response from the FCA can be found here.
Further information, please contact the ABI Press Office