Inflation and rising interest rates – why use valuable working capital to pay FCA fees up front?
With insurance brokers and wider regulated firms continuing to receive invoices for this year’s FCA fees and levies, Premium Credit is offering businesses a finance facility to spread their fees over convenient monthly repayments rather than having to pay in one lump sum.
This alternative payment method is designed to give firms greater control over cash-flow, allowing their cash reserves to work more effectively in other business critical areas.
Nigel Stewart, Sales Director – Sports, Professions & Leisure – Premium Credit, Specialist Lending, commented: “With high UK inflation and economic uncertainty, insurance brokers are feeling additional financial pressure and looking for new ways to preserve cash flow. As payment deadlines for FCA fees draw closer for many firms, working with Premium Credit is an obvious consideration for businesses looking to ease liquidity challenges.
We have been enabling regulated firms to pay their FCA fees as a monthly expense rather than a lump sum payment for over 15 years and it continues to grow in popularity. Last year, we helped more than 2,000 companies spread the cost.
A simple digital application process, following significant investment in technology, ensures the whole customer journey is smooth and seamless. And 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.
For more information CLICK HERE
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.