Following the Grenfell Tower tragedy in 2017, insurance premiums for thousands of buildings affected by the cladding scandal have skyrocketed, with The Independent recently highlighting the case of a homeowner in Hertfordshire who saw her saw her annual bill soar from £247 to £2,626 in just two years.
But with the government having so far failed to step in and help to reduce premiums for these homeowners, as many as 900,000 leaseholders are estimated to have also been forced to pay a hidden commission – which is often split between the insurance broker and the building’s freeholder.
The Financial Conduct Authority (FCA) warned in 2022 that such commissions tended to be worth 30 per cent of the premium but could be as high as 62 per cent, more than half of which was paid out to the freeholder – the owner of the block in nearly four out of 10 cases analysed.
Now a lawyer who successfully challenged a £100,000 commission charged at his block of flats in London’s Docklands earlier this month is spearheading a class action lawsuit which hopes to recoup millions of pounds secretly paid out to freeholders and insurance brokers.
Bu hikaye The Independent dergisinin July 26, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye The Independent dergisinin July 26, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
Royals face calls to dissolve 'disgraceful' private estates
King Charles is facing calls to dissolve his lucrative private estates and refund the cash-strapped NHS after it emerged he is making millions from renting out ambulance parking spaces and sub-standard properties.
'My son said only way he'd get to leave is in a body bag'
Mother says IPP robbed son of adult life before he died at 34
Brilliance of Jones outshone his Michael Jackson albums
The late great music producer Quincy Jones is famous for working with the King of Pop’ but he did so much more, including playing trumpet for Presley, arranging for Sinatra and leading the way for Black talent, writes Mark Beaumont
'Smoke-free generation' bill to be introduced by Labour
Proposed legislation aimed at creating the first smoke-free generation” is set to be introduced in parliament.
Can Starmer succeed in reducing immigration?
Keir Starmer has announced that the government is to make further progress on its manifesto pledge to “smash the criminal gangs” and reduce the flow of irregular migration in small boats across the English Channel.
NFU warns farmers will get militant over 'tractor tax'
Ministers have been warned that they face a militant” backlash from farmers over the so-called tractor tax of imposing inheritance death duties on family farms worth more than 1m.
Patel lands cabinet position as shadow foreign secretary
Kemi Badenoch is set to make a highly controversial choice in one of the most senior jobs in her shadow cabinet with Dame Priti Patel set to be unveiled as shadow foreign secretary.
University tuition fees rise for first time in eight years
University tuition fees will increase in England for the first time in eight years as part of a major overhaul of the higher education system, education secretary Bridget Phillipson has announced.
A foreign policy legacy that paints Biden in a bad light
Four years may not be so very long in the great sweep of history, but it is still hard to remember which hopes and fears gripped the world especially in Europe as the United States prepared to vote for its president last time around.
Democrats upbeat as stars align with late voting surge
The mood couldn’t contrast more among employees of the two presidential candidates, reports Andrew Feinberg
