Regulated firms given option to spread the cost of FCA Top Up fees
Authored by Premium Credit
As regulated firms receive FCA Top Up fee invoices over coming weeks, Premium Credit continues to provide a finance option enabling firms to pay in convenient monthly instalments instead of a single lump sum payment, helping to improve cash flow. Agreements, totalling over £650M have been funded by Premium Credit to date for this purpose.
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. Effective use of finance can be an efficient way for businesses to meet this cost.
Premium Credit has been offering finance options to cover FCA fees since 2005 and continues to work with firms in helping their cash flow work harder. By opting for an instalment facility to pay for fees, firms can preserve their cash reserves and allocate them to other crucial areas of their business. Typically, repayments are made over a period of 10 months.
Nigel Stewart (Pictured), Sales Director (Professions) – Premium Credit, Specialist Lending comments: “Our payment solutions have been specifically designed to help regulated firms manage their cash flow more effectively by providing an alternative payment method that covers the cost of FCA fees as well as any additional top up fees. This approach offers businesses greater control over their cash reserves, particularly useful during these economically challenging times, enabling them to better meet their current business needs.”
Mr Stewart continues: “The application process is digital and uncomplicated. We have invested constantly in technology to ensure that the entire customer journey is seamless, with most of the administration handled by us.”
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.
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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.