FCA still undecided on taking GAP-like action over premium finance fair value
The Financial Conduct Authority “remains concerned” over the fair value of premium finance, it has revealed at a press conference after the regulator's annual public meeting yesterday.
Sheldon Mills, executive director of consumers and competition at the FCA, pictured, noted the authority places “pressure” on the industry to ensure it is undertaking fair value assessments and “ensuring that the premium finance services they offer, do provide value to the customers”.
“Often those customers are some of the most vulnerable in society, on low incomes, and they are being charged [extra] in order to get what are essential services.”
He added: “We will keep monitoring it in order to
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