FTT decision regarding insurance commissions

Following an application by 98 leaseholders at Canary Riverside challenging the reasonableness of insurance premiums paid between 2010 - 2019 the FTT (First Tier Tribunal) has determined that commissions totalling £1.5M and associated Insurance Premium Tax of £121k was not payable.

The Tribunal’s decision, issued on 22nd December 2022, can be found here, and further information about the Tribunal proceedings here.

This is a significant result for the applicant leaseholders at Canary Riverside and further helps push the issue of secret insurance commissions into the open. The FTT’s decision was reported by the Financial Times on Saturday (link here).

Commentary on the decision can also be found on the Nearly Legal blog here and on the LKP website here.