Canary Riverside £1.6m unreasonable Insurance commissions raised by MPs at parliamentary committee discussing Leasehold reform.

Canary Riverside leaseholders’ on-going challenge of £1.6M of unreasonable insurance commissions paid to WMS, a Landlord-owned company, continues to be quoted by MPs as an example of why leasehold law must be reformed.

At yesterday (16/01/24) afternoon’s select committee hearing MP Barry Gardiner quizzed Matt Brewis, the FCA’s head of insurance, as to how at Canary Riverside there was no contract or documentation between Reich (the insurance broker) and WMS (the Yianis Group-owned company that was paid £1.6m) outlining the sharing of insurance commissions and fees [according to the Landlord’s oral and written evidence to the FTT].

Asked by Gardiner if the idea that an FCA regulated broker was unable to provide a FTT with a written contract was “strange” Brewis simply answered: “Yes”.

Scott McGee of the Insurance Post provides a summary of Matt Brewis’s evidence to the Select Committee here.