New rules will come into force around customers seeking premium finance from 1 November 2018, the Financial Conduct Authority has declared.
As of the start date providers will need to make a reasonable assessment of a customer’s ability to repay affordably. This goes above and beyond a credit check.
Both Premium Credit and Close Brothers Premium Finance (CBPF) told Insurance Age that they were ready for the changes.
“Essentially the FCA is going to implement everything they said they were
The Insurance Age editorial team dig into this week's top stories.Subscribe to our daily newsletter for all the latest news
- NED salaries in the insurance sector revealed
- Construction firm unable to find insurance due to lack of capacity
- Mactavish criticises industry for "knee-jerk reaction" in hardening market
- FSCS agrees Alpha replacement cover deal
- ABI bites back on discount rate
- Brokers must transform to evade threat of AI - report
- FCA reiterates dual pricing concerns