Premium finance lenders ready to support brokers hit by BNP Paribas pullout
The leaders of broker-facing premium finance providers have reassured they can move quickly to help brokers affected by BNP Paribas Personal Finance’s decision to exit in 2024.
Insurance Age revealed earlier this week that BNP Paribas will leave the market on 31 March next year.
Bexhill UK CEO Ravi Takhar told Insurance Age: “We can set someone up in less than 24 hours. We can move very quickly to help brokers with an alternative facility.”
Takhar said he was sad to hear of liquidity being withdrawn from the market.
“When one lender pulls out it is an issue for the market,” he assessed. “There is a risk here because there is only a limited number of lenders.”
Adding: “The
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