Freeholders Building Insurnace to high
I am looking for any guidance or direction you can provide with regards, to the following issues.
I have a property managing agent that manages two different properties I let in different towns. The leases state two different freeholders, but both have very similar names. I am having a long running problem with them on both properties regarding the building insurance; they charge approximately 50% too much premium. I have obtained comparable insurance quotes. The facts of the case; both policies are under the same reference number, only the names insured are different to reflex the different freeholders. So policies are under the same broker and insurance company. The managing agent state on their letter head that they are regulated by the FSA. I have looked them up under the FSA website and cannot find them listed under the agents name or any of the freeholders’ names. The broker is listed and the agent is not listed under them either on the FSA website. I have also call FSA and they have confirmed no firm listed under the names I have provided. I have just written to the managing agent asking them for their FSA number etc. I have solid information that commission is received by the agents/freeholder. (personally I feel the agents and various freeholders companies are all interlinked, in that they are owned by the same people. I have also requested information with regards to directors of company for the freeholder etc)
What are the implications for a firm stating they are FSA regulated, but are not, is this criminal offence? Who do I need to speak to about this matter, and can you provide any guidance with going forward with this line?
Can I approach the broker directly to ask now much commission is included in the premium do they have a duty to inform me if I ask, as an interested party under the FSA regulations?
I understand that if commission is received this must be declared to leasee. I have information that says they get approx 30% at least, but they are not admitting this in my cases. Under FSA regulations, if a company received commission they should be registered with them. Who can I speak to about this to find out more in relation to this area, and again what are the implications of not complying?
With regards to one policy they have taken me to court which I have had it transferred to LVT. I can show they receive commission and provide comparable insurance quotes. I have also won a case previously against them many years ago on insurance, but would like to sort out the matter definitely. If they are receiving commission without declaring it, do they have the right to request payment or enforce payment, as operating illegally? I.e. take me to court/LVT?
Do you know any one that knows their way around the FSA regulation in regards to building insurance that can possible quote sections of the regulation for me to use in respect of the above areas?
Please let me know if you require further information, before you are able to advise or provide guidance?
Many thanks for your assistance in this matter.