Michael Gove sets out intention to ban insurance commissions for freeholders

Michael Gove, the Secretary of State for Levelling Up, Housing and Communities, has outlined plans to ban freeholders and managing agents from taking commissions when taking out buildings insurance.

Mr Gove has written to the CEO of the Financial Conduct Authority (FCA) setting out how he plans to move forward on the issue of commissions and transparency in relation to leasehold buildings insurance. Commentary on Mr Gove’s letter by the Insurance Post can be found here. The Insurance Post references the Canary Riverside FTT decision.