| 30 Jun 2022
NTIA update on FCA action with insurers with full audio recording of webinar hosted by Philip Kolvin QC and Matt Brewis from the FCA

MUMBAI: As you will hopefully be aware, on 29 May, the Government announced that it is working with leading businesses and trade associations to publish a Code of Practice to support the commercial property sector through coronavirus.

Over the past couple of weeks, the Government has been working closely with a small steering group and others to develop a draft of the Code. This code seeks to embed the best practice already occurring in the sector and ensure it is accessible to a wide range of businesses. It encourages discussions between landlords and tenants over rental payments during the coronavirus pandemic and provides guidance on rent arrears payments as well as the treatment of sub-letters and suppliers.

Michael Kill CEO NTIA Reacts to the Initial wording within the Commercial Rent Code of Conduct

"On the draft code of conduct, the overarching point is that there have been codes in the Landlord and Tenant space, designed to even up the landlord and tenant relationship and promote fair behaviour, for absolutely years. They have, at best, limited influence, and even where they do make a mark that is usually peripheral and over a long-time span (many many years); most of the provisions are almost universally ignored, especially by the more aggressive landlords."

"At present this has no value in a situation which needs immediate action, we are past the moment where most parties are able to play nicely, as both sides are financially stretched and need a considered government intervention with a very clear framework and further support"

"To leave everyone to just sort themselves out, against a non-binding framework of proper behaviour, and the remnants of Government financial support packages is a gross underestimation of the current situation and plunges the sector into further difficulty with looming redundancies and businesses being pushed to breaking point and the fundamental conundrum remains."