FCA Top Up fees – it’s not too late to spread the cost
Authored by Premium Credit
Why use valuable working capital to pay FCA Top Up fees upfront? An instalment financing option can be used to ease the payment burden says Premium Credit.
With FCA regulated firms continuing to receive invoices for this year’s FCA fees and levies, Premium Credit is offering businesses a finance facility to spread the cost of their fees over convenient monthly repayments rather than having to pay in one lump sum. To date, Premium Credit has provided over 67K financing agreements for this purpose.
This alternative payment method is designed to give regulated firms greater control over cash flow, allowing their cash reserves to work more effectively in other business-critical areas.
Nigel Stewart, Sales Director (Professions), Premium Credit Specialist Lending, comments: “Despite inflation falling to 3.4% it remains above the Bank of England’s target level and when considering the challenges of wider economic uncertainty, regulated firms need to carefully look at ways to preserve cash flow. With payment deadlines for FCA Top Up fees drawing closer for many firms, working with Premium Credit is a strong consideration for regulated firms looking to spread the cost.”
Mr Stewart adds, “Setting up a finance facility to cover FCA fees is a simple digital application process following the significant investment we’ve made in technology, ensuring the whole customer journey is smooth and seamless. As the lender we undertake the bulk of the administration by paying the fees directly to FCA.”
Premium Credit advises that it’s important to act in a timely way, so firms have the opportunity to consider the best fee payment option and avoid a financial penalty for any late response to FCA.
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About Premium Credit
We are the leading provider of premium finance in the UK and Ireland, and the only company endorsed by BIBA.
We are authorised and regulated by the Financial Conduct Authority, and work with over 3,000 producers of all sizes. We serve over 2.1 million customers, process 24 million direct debits and receive advances of £3.5 billion.
For over 30 years, we’ve led the market through thought leadership, innovation and technology and have helped our partners offer finance compliantly to their customers through face-to-face, telephony and online channels.
We continue to invest to ensure we provide a quality service and support that helps you grow your business and commission. From the delivery of a seamless customer journey, which includes real time decisioning for financing and 24/7 account servicing, to consultation that improves the offer of finance to customers, we are committed to growing the premium finance market.
Our Specialist Lending division also provides finance to pay other annual costs, such as professional fees, membership subscriptions, commercial service charges, golf clubs and school fees.