Protect cash flow - spread the cost of FCA Top Up fees
Authored by Premium Credit
As the FCA sends out Top Up fee invoices to qualifying regulated firms, Premium Credit is offering businesses a finance facility to spread the cost over convenient monthly repayments rather than having to pay in one lump sum.
The FCA issues two invoices per year where total fees exceed £50,000 in the previous year, invoicing 50% of that fee payable by 1st April, creating an additional cost for regulated firms in this category. Effective use of finance can be an efficient way for businesses to meet this cost.
As a specialist lender, Premium Credit has provided a finance option to meet FCA fees for over 15 years and expects ongoing demand as firms look to preserve cash flow amongst the economic challenges created by high rates of inflation, the cost-of-living crisis, international conflict, and the ongoing effects of Brexit. Paying the cost of fees via an instalment facility allows firms to spend precious cash reserves in other business critical areas with repayments typically made over 10 months.
Premium Credit’s payment solutions cover the cost of FCA fees and any additional top up fees and are designed to give firms greater control over cash-flow, giving them an alternative payment method and allowing their cash reserves to work more effectively and to better meet their current business needs.
It’s a simple digital application process. With years of significant investment in technology the whole customer journey is a smooth, seamless process with Premium Credit undertaking the bulk of the administration.
Premium Credit advises that it’s important to act in a timely way, so firms can consider the best fee payment options and avoid a financial penalty for any late response.
For more information visit www.premiumcredit.com/products/fca-fees
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.