FCA’s Mills commits to using all regulatory tools in flats insurance update

Sheldon Mills, executive director of consumers and competition at the Financial Conduct Authority, has promised to use all regulatory tools at the watchdog’s disposal in an update on progress for multi-occupancy buildings insurance.

In the letter to Michael Gove, secretary of state for levelling up, housing and communities, Mills highlighted the measures that had come into force on 31 December which for brokers meant being transparent on commission and a near ban on paying commissions to third parties.

“We have continued to engage with industry and review correspondence from consumers and we are not aware of significant issues arising with insurance firms’ implementation of these rules,” he confirmed in the letter dated 29