Question to the Department for Levelling Up, Housing & Communities:

To ask the Secretary of State for Levelling Up, Housing and Communities, whether his Department has made a recent assessment of the effectiveness of the broker remuneration system for large residential building owners who are seeking affordable rates of business insurance.

The Government has concerns about year-on-year increases in buildings insurance premiums and the restricted cover on offer to leaseholders. In January 2022, the Secretary of State wrote to the Financial Conduct Authority (FCA) requesting that they investigate the causes of high buildings insurance premiums for leaseholders.

The FCA has published its review into the buildings insurance market for multi-occupancy residential buildings 11 metres and above. The report can be found here.

The Government is also considering how best to implement the FCA's recommendation to give leaseholders greater rights to review and challenge their insurance costs. This is crucial to holding all parties accountable to the costs being borne by leaseholders.