Homeowners in blocks of flats could be able to claim back tens of thousands of pounds in “secret commissions” paid for insurance. Managing agents and freeholders who have charged leaseholders 40pc or 50pc commission for insurance policies may have overlooked crucial terms of their lease agreements – and could be forced to pay the money back, experts said. An imminent report by the Financial Conduct Authority, the City watchdog, into the insurance industry for blocks of flats could be about to open the door for an avalanche of claims. The investigation, which was launched by a request from then-housing secretary Michael Gove in January, is now two months overdue.
Read the full story at https://uk.finance.yahoo.com/news/flat-owners-could-claim-back-100921089.html