Regulated firms look to spread cost of FCA fees
With the FCA currently sending invoices to regulated firms for annual fees, Premium Credit is providing a finance option to cover the cost. This allows firms to spread the cost over monthly payments, which can help them manage cash flow.
By utilising an instalment facility to cover FCA fees, regulated firms can allocate their cash reserves towards other crucial aspects of their business. Repayments are usually spread over 10 months instead of being paid in one single payment.
Premium Credit provided this financing choice to more than 1,600 regulated businesses last year and anticipates continued interest as companies seek to maintain cash flow in challenging trading circumstances.
Nigel Stewart, Sales Director, Professions – Premium Credit, Specialist Lending, comments: "Our credit option continues to be an affordable, compliant and convenient way for businesses to cover their FCA fees through monthly payments. In challenging financial times, it's a strong choice compared to other credit options."
Mr Stewart adds: “The digital application process is straightforward, and our extensive investment in technology guarantees a seamless experience for customers. As the lender, we handle the majority of the administrative tasks, making the entire customer journey easy.”
Premium Credit suggests acting promptly to allow firms to explore the most suitable payment method for settling their FCA fees and prevent any financial penalties resulting from delayed action.
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Authored by Premium Credit
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.