FCA confirms 1 November start date for affordability tests


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

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected].

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have an Insurance Age account, please register now.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: