9th April 2020

The Financial Conduct Authority (FCA) has published Feedback Statement 20/03 on a series of proposed measures designed to provide temporary financial relief for consumers impacted by Coronavirus (Covid-19). The feedback document contains final rules and guidance affecting firms providing products across the consumer credit sector which will come into effect on the 9th and 14th April 2020 respectively.

The FCA was proposing to include general insurance intermediaries’ premium finance arrangements within the list of applicable consumer credit products and so BIBA lobbied the regulator to have them excluded.

BIBA is pleased to confirm that the combined efforts of BIBA and its members have proven successful in excluding premium finance from list of the applicable consumer credit products.

Members may access the feedback statement by clicking here. Confirmation can be found in the document under point 2.3:

‘2.3 This guidance also does not apply to premium finance, …’

The FCA said that it will keep these rules and guidance under review in the light of the evolving coronavirus situation and bring forward further measures if necessary.

BIBA’s response was crafted in close consultation with our Larger Brokers’ Advisory Board, our Regulatory Committee and our Motor Committee. Thanks goes to all members for their input into the submission which was created under a particularly short timeframe.

BIBA members’ compliance and regulation queries should be directed to: [email protected]






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