Insurers have made huge hidden payments for buildings cover over many years, experts say
Landlords of developments in England and Wales where residents face hefty service charges face calls to disclose millions of pounds in “secret commissions” raked in over the years for arranging buildings insurance.
Experts say these hidden commissions, paid to landlords including City investment funds that hold freeholds and managing agents, have been worth tens of millions of pounds a year. The arrangements were made without residents being told and resulted in higher service charges.
