As a leaseholder, I recently made a Freedom of Information (FOI) request to the Financial Ombudsman Service to disclose the quantum of leaseholder complaints regarding Multi-Occupancy Building Insurance policies that they had dismissed over the last 6-10 years.
The FOS responded with a shocking statistics.
Complaint upheld rate: > 90% of estimated total received
Complaint dismissed rate: < 10% of estimated total received
This is how defective the Multi-Occupancy Building Insurance policies on the market are and yet insurance brokers, property managing agents and our own fellow leaseholders aka volunteer directors keep defending these policies, claiming 'hard market'.
The question though is what's stopping the FCA from acting to protect leaseholders?