The City Consultant in London's 'Square Mile' - 'The City'

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Mark J. Finlay is widely recognized as an authority in the realm of Latent Defect Insurance (LDI) and the global insurance and reinsurance sectors. 

With over 30 years of experience in property and development across all four jurisdictions of the United Kingdom and internationally, he is a proud Fellow of the Royal Institution of Chartered Surveyors (FRICS).  Throughout his career, Finlay has shown a deep commitment to community development and neighborhood regeneration, having chaired various initiatives and held respected positions in public office. His background in citizen engagement and advocacy exemplifies his dedication to understanding and addressing community needs. Notably, he authored a Consumer Code for New-Home Ownership in the UK, that aimed to provide essential guidance for homeowners while elevating standards in house building.  

Finlay's expertise has also positioned him as an advisor to several providers of Latent Defect Insurance in the UK. His significant contributions became especially apparent when Danish-based Alpha Insurance faced bankruptcy amid wider challenges in the international reinsurance market. In the wake of this crisis, he was called upon to assist scheme administrators and collaborate with government officials and regulators to mitigate the impact on affected homeowners.  Finlay feels while he and others did what they could, a more joined-up approach might have achieved a better outcome. 

Generally he believes more has to be done to enhance homeowner protection in the house buying process - to lift quality standards, to reduce cost, to ensure better insurance backed 'warranty' protection is in place to cover failings and cover unforeseen costs for an appropriate period after the house is built and handed over.

Recognizing that a home is often the most substantial investment a family makes, Finlay is considering an invitation to chair an industry review and author a report and recommendations. He has said he will only take on this responsibility if he is enabled to hear from the public about their experiences and gather their insights, and it he can address his personal goal to bring about reforms that will raise industry standards and support the pressing need for new and affordable housing in the UK.

Mark J. Finlay, FRICS, has been invited to chair a comprehensive review and author a report on the Provision of Latent Defect Insurance (LDI), also known as Structural Warranties for New Homes in the United Kingdom. The invitation has been extended by a unique industry alliance of leading LDI providers in England, Wales, Scotland, and Northern Ireland.

With more than 30 years of experience in property development, Finlay has held significant roles as a principal and senior executive across the UK. He is recognized as an authority in Latent Defect Insurance and the global insurance and reinsurance sectors related to residential and commercial development.  

Finlay's public service includes serving as a Commissioner of the Port of Belfast and chairing a Neighborhood Renewal Partnership Board aimed at improving life outcomes for some of the UK's most disadvantaged inner-city communities following the Good Friday Peace Agreement.   

In his commercial endeavors, he played a pivotal role in the regeneration of Belfast’s Market and Cathedral Quarters, which included the provision of affordable rental accommodation for a local Housing Association.  

In addition to his public service, Mark Finlay has a rich background in international citizen engagement technology and consumer advocacy. He is the author of the Consumer Code for New-Home Ownership in the UK. However, he has raised concerns about the recent proliferation of such codes, arguing that they have not yet effectively elevated construction standards and may have instead increased consumer confusion and deterred builders from participating, leading to inhibited competition.  

In the spring of 2018, Finlay was called upon to offer his expertise in response to the collapse of an international reinsurer and the subsequent bankruptcy of a Danish fronting carrier, which had been a key provider of insurance for new homes in the UK. During this critical period, he engaged actively with government officials and regulators to address the resultant challenges.  

While Finlay wholeheartedly supports the UK government's initiatives to boost the development of new homes, he has expressed significant concerns regarding the inadequate underwriting capacity necessary to meet these housing targets. He argues that this insufficiency stifles competition and inflates insurance rates, ultimately harming homeowners and placing small, family-owned contracting firms at a disadvantage, thereby jeopardizing the vitality of the new homes market.  

Recognized for his expertise, Finlay has been invited by industry leaders to lead this important review of Latent Defect Insurance and Structural Warranties for New Homes in the UK. If he accepts the commission, The Finlay Review would be expected to examine existing barriers to market entry, assess whether current practices inhibit competition, and evaluate the overall effectiveness of the system in protecting the interests of the nation’s homeowners.

• The Finlay Report would need to consult widely including:-

1. Banks, building societies and other mortgage lenders
2. Builders - large firms and small builders
3. Chartered Trading Standards Institute (CTSI)
4. Consumer groups
5. Devolved Administrations - Northern Ireland, Scotland, and Wales
6. FCA
7. FSCS
8. Housing Ombudsman Service
9. LDI Providers
10. Lloyd's of London
11. National Housing Federation (NHF)
12. New Homes Quality Board
13. The British Insurance Brokers Association (BIBA)
14. The Building Societies Association (BSA)
15. The Royal British Institute of Architects (RIBA)
16. The Royal Institution of Chartered Surveyors (RICS)
17. UK Finance

It is proposed that, following a robust consultation process in Q4, 2024 and Q1, 2025, a Review and Recommendations would be published at or around the same time HM Government proposes to report on the recent Grenfell Inquiry report.  

Mark J. Finlay has pointed out, a robust review into the practice, procedures and provision of LDI in connection with new homes will inevitably touch upon themes raised by the Grendel Inquiry Report - in particular the provision of thorough site supervision and the inspection of quality standards, that reportedly failed at Grenfell with such tragic consequences.

The commissioning industry group hopes The Ministry of Housing, Communities and Local Government (MHCLG) will welcome a report that puts the interests of UK homeowners and the overall health of the housing market at its heart.