FCA confirms 1 November start date for affordability tests

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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

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