Regulated firms given option to spread cost of FCA fees
Authored by Premium Credit
As the FCA sends out invoices to regulated firms requesting payment of annual fees, Premium Credit is offering a finance facility so recipients can spread the cost over convenient monthly repayments, helping firms preserve cash flow.
Paying the cost of FCA fees via an instalment facility allows regulated firms to spend precious cash reserves in other business critical areas with repayments typically made over 10 months rather than in one lump sum.
Premium Credit provided this financing option to over 2,000 regulated businesses last year and expects ongoing demand as firms look to preserve cash flow during difficult trading conditions.
Nigel Stewart (pictured), Sales Support Director – Premium Credit, Specialist Lending, comments: “Our credit facility remains a cost-competitive and convenient means for regulated businesses to pay their FCA fees over monthly instalments. At a time when finances are under considerable pressure it can be a strong alternative compared to other forms of credit.”
Mr Stewart adds: “It’s a simple digital application process and with years of significant investment in technology, we ensure the whole customer journey is a smooth, seamless process – we as the lender undertake the bulk of the administration.”
Premium Credit advises that it’s important to act in a timely way, so firms have the opportunity to consider the best payment option to pay their FCA fees and avoid a financial penalty for any late response.
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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.