The FCA has confirmed new measures to support leaseholders in the multi-occupancy buildings insurance market.
Mervyn Skeet, Director of General Insurance at the ABI, said:
"Leaseholders deserve greater transparency on the details of their buildings insurance policy and so we welcome this confirmation from the FCA of the final rules. We recognise the acute financial and emotional strain that is being placed on leaseholders and want to play our part in helping to reduce insurance costs whilst affected buildings await work to resolve fire safety issues. This is an important step, but it remains the case that the ultimate solution to the problem is to remediate buildings to a standard that saves both lives and property and we urge government to progress this urgently.
Producing a new range of clear, accurate and tailored consumer communications within a three-month implementation period is very challenging but our members will do everything they can to introduce these changes within the required deadline. We’ll continue to discuss this with our members and the FCA to ensure the process is implemented as smoothly as possible whilst keeping focused on delivering the new risk-sharing facility. Work on this is progressing and we will update on launch plans as soon as possible.”
For more information please contact ABI Press Office.