Regulatory Alerts2023-04-17
Added · Updated
PS23/14: Multi-occupancy building insurance: Feedback to CP23/8 and final rules
The document establishes final rules requiring regulated insurers and intermediaries to ensure products align with leaseholder interests, provide fair value, and avoid poor outcomes from remuneration practices. These changes aim to increase transparency for leaseholders and address identified harms in the multi-occupancy building insurance market. The rules apply to regulated insurers, intermediaries, industry groups, unregulated firms such as property managing agents, freeholder landlords, and leaseholder representative groups. The rules come into force on 31 December 2023.