Secret commissions

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  • eagle2
    replied
    Michelle - I agree entirely that leaseholders need a voice, it may well be that you are doing the LKP a disservice,

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  • michelle230
    replied
    Originally posted by eagle2 View Post
    Michelle - I recommend that you carry out research, this is nothing new, Which magazine and the BBC Watchdog programme raised the subject many years ago. I suggest that you look into how the NHBC is funded.
    I didn't say it was anything new.
    I am aware of how the NHBC are funded which is the whole point as to why these organisations are ineffectual.

    And despite your vastly superior knowledge, I will continue to champion LKP. They have helped many desperate leaseholders.

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  • eagle2
    replied
    Returning to the subject of hidden commissions, the Lord Best report is only recommending that there is transparency on the part of the freeholder and agent, it is not recommending any limits. It is not uncommon for 2 or 3 different businesses to be claiming commission on the same policy and those may or may not be connected to the freeholder or agent. The leaseholder is unlikely to see the whole picture with the current proposals.

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  • eagle2
    replied
    Michelle - I recommend that you carry out research, this is nothing new, Which magazine and the BBC Watchdog programme raised the subject many years ago. I suggest that you look into how the NHBC is funded.

    Leave a comment:


  • michelle230
    replied
    Fos - 100% agree. On a par with the NHBC who are signing off thousands of structurally defective new builds. I wonder how these new builds will stand the test of time.

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  • eagle2
    replied
    Which estimated that leaseholders were being overcharged by £700 million per annum in 2011. The Select Committee noted that the leasehold sector is now larger and that figure is likely to be higher.

    ARMA estimate that £1.3 billion of unprotected client money is held by managing agents.

    That is the scale of the problem and explains why unscrupulous individuals have been attracted to the sector.

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  • fos333
    replied
    Hi,

    Are we only concerned with insurance here?

    On recently becoming a director of our RMC and finally having sight of the financial statements it has become apparent that our outgoing managing agent actually acquired 52% of the money paid into our service charge account over a 4 year period.

    How is this possible when RICS had conducted 2 investigations?

    During the same period the same defunct Ombudsmen Services Property also concluded 2 biased investigations!

    In my opinion neither of these organisations should have any input into a new Regulator.

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  • michelle230
    replied
    It's true and also difficult to prove especially if they own their own insurance broker as well.
    Also will cost you if you have been added to a multi block policy where some of those properties are considered risky for a variety if reasons.
    My F/H was found guilty of running an unauthorised HMO. Our insurance shot up even more!

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    started a topic Secret commissions

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