Big brokers making ‘silly money’ blamed for FCA property commission crackdown
Large brokers taking ‘silly commissions’ are being blamed for the Financial Conduct Authority’s crackdown in buildings’ insurance.
The Financial Conduct Authority wants a near ban on brokers sharing commissions with property third-parties and full commission disclosure, so leaseholders can have more powers.
A probe into 13 brokers and three firms in the wholesale market found widespread market failure, with ‘large’ commission being taken and leaseholders with few rights getting nowhere near value for money.
Artemis Insurance Brokers managing director Ketan Patel said the problems in the market lay with the ‘big boys’
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