There’s still a chance to spread the cost of paying your FCA fees
As the FCA continues to send out its invoices to regulated firms requesting payment of their annual fees, Premium Credit continues to offer businesses a finance facility to spread their fees over convenient monthly repayments rather than having to pay in one lump sum.
Over 50,000 regulated firms are due to pay FCA fees before the end of the year, typically ranging from a few hundred pounds to several million. With some businesses seeing their fees rise by as much as 80% compared to 2019, Premium Credit is experiencing strong demand for their credit facility from both existing customers and those choosing to fund their fees using finance for the first time. This alternative payment method is designed to give firms greater control over cash-flow, allowing their cash reserves to work more effectively for their current business needs.
Roger Brown, Chief Commercial Officer, Premium Credit Specialist Lending commented:
“As payment deadlines for FCA fees draw closer for some regulated firms, working with Premium Credit is a consideration for those businesses looking for wider payment options.
It’s a simple digital application process. 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.
At the end of the day the FCA fees need to be met by the UK’s regulated companies and in the easiest way possible for these firms. Not all are aware of the credit solutions that can be provided enabling fees to be paid in convenient monthly amounts. We’ve been providing this service for 14 years and it continues to increase in popularity.”
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.
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Authored by 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.
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