Insurance for Multi-Occupancy Buildings and the Relevance to Consumer Duty

Registration and Lunch from 12.15pm

Presentation at 1.00pm until 2.00pm

We’ve had Consumer Duty for a year and firms will have completed their first annual board reports. On 21 August 2024 the FCA published a further Thematic Review (TR24/2) where they said:-

“Insurers need to make sure their customers are getting fair value. Progress is being made, but we are still seeing too many examples of insurers and brokers lacking the right information, governance, or oversight to ensure their customers get consistently good outcomes. All insurance firms should take note of our findings and make improvements where appropriate. We’ll continue to take action where we see poor value so consumers can have confidence when buying insurance products.”

The session will also provide and update on fair value assessments to include what makes up broker commissions and how to ensure broker costs are fully understood.

Specifically we will also look at the new rules on multi-occupancy buildings insurances following intervention by the government – these impact over 5 million leaseholders who are defined as stakeholders and firms have to also act in their best interests. Insurers and brokers will also need to provide information about policies to leaseholders, including details of all remuneration and placement. We will also cover the requirements imposed by the new Leasehold and Freehold Reform Act which will ban commission sharing.

Learning objectives

By the end of this update you will gain an overview of:-

• Where are we with Consumer Duty and what you should have done;
• Current issues when it comes to general insurance:-
• Key aspects of the product governance rule to include product value assessments and challenges to fair value including broker fees/charges/add-ons and premium finance;
• New rules on multi-occupancy buildings insurance and the ramifications of this for insurers and brokers alike to include the L&FR Act and the AJG Tribunal decision;
• Class action on behalf of leaseholders – does my firm have anything to fear?

Speaker Bio

Branko Bjelobaba FCII started his insurance career in 1987 and has worked across the sector including stints at PwC and GISC. He has led his own consultancy practice since 2004 working closely with BIBA and the CII and has provided hundreds of well-received talks. He is a recipient of the CII’s Bridgewater Award for Exceptional Service, the Thomson Reuters Compliance Personality of the Year Award, the London Market People Award for Legal and Compliance and was Highly Commended in the CII Public Trust Awards in 2021. He also sits on a number of panels to judge various insurance awards and is a respected and sought after industry commentator who is widely quoted by the insurance press.

This in-person event is free for all members and non-members but is limited to 50.

Parking information: Please note there is no car parking at this hotel but there are plenty of public car parks in the immediate area. The venue is also a 2 minute walk from Leeds Railway Station.