Regulated firms given option to spread cost of FCA fees

1st November 2021

With regulated firms continuing to receive their invoices for this year’s FCA fees and levies, Premium Credit is offering businesses a finance facility to spread their fees over convenient monthly repayments rather than having to pay in one lump sum.

This alternative payment method is designed to give firms greater control over cash flow, allowing their cash reserves to work more effectively in other business-critical areas.

Roger Brown, Chief Commercial Officer, Premium Credit Specialist Lending commented:

“With the Bank of England predicting UK inflation to top 4% by the year-end amongst wider economic challenges; regulated firms are inevitably feeling additional financial pressure and looking for new ways to preserve cash flow. As payment deadlines for FCA fees draw closer for many regulated firms, working with Premium Credit is a consideration for those businesses looking for wider payment options to ease liquidity.

It’s a simple digital application process following significant investment in technology, ensuring the whole customer journey is smooth and seamless. As the lender, we undertake the bulk of the administration by paying the fees directly to FCA.

FCA fees need to be met by the UK’s regulated companies and in the easiest way possible for these firms. Effective use of credit is becoming an increasingly popular way to meet this and other essential business costs. Not all are aware of the credit solutions that can be provided enabling fees to be paid in more accessible monthly amounts. We’ve been providing this service for 15 years and it continues to grow in popularity.”

Premium Credit advises that it’s important to act in a timely way, so firms can consider the best fee payment option and avoid a financial penalty for any late response.

Premium Credit, Specialist Lending

Premium Credit is a leading lender in the UK and Ireland for regulatory fees, school fees, travel and sports season tickets, membership, accountancy and leisure facility fees. Premium Credit is also a leading insurance premium finance provider, and the only premium finance company accredited by British Insurance Brokers’ Association. Generating £3.6 billion net advances, Premium Credit uses seamless technology to support over 2 million customers and almost 3000 partners in its chosen markets.