In the coming weeks, regulated companies will begin to receive their Financial Conduct Authority (FCA) Top Up fee invoices.
Insurance financier Premium Credit reiterated that it would continue to offer a financial solution that allows these firms to spread the cost through monthly payments rather than facing the burden of a one-off lump sum. This option aims to enhance cash flow management, with Premium Credit having facilitated agreements exceeding £650 million for this specific purpose to date.
The FCA mandates biannual invoicing for firms whose total fees surpassed £50,000 in the prior year, requiring 50% of this fee to be settled by April 1.
Since 2005, Premium Credit has been providing financing solutions to assist firms with the payment of their FCA fees. The instalment payment option allows businesses to maintain their cash reserves for other vital operational needs, with repayment terms typically spanning 10 months.
Nigel Stewart (pictured above), sales director of specialist lending at Premium Credit, emphasised the benefits of this tailored payment solutions.
“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,” Stewart said. “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.”
Stewart also highlighted the efficiency and simplicity of their digital application process.
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