FCA threat of premium finance crackdown rises amid ‘fairness’ concerns
The Financial Conduct Authority has a list of concerns about premium finance, with two of its most powerful figures in general insurance expressing their unease over issues with the product.
The FCA having such a list of concerns around the ‘fairness’ of premium finance puts it right in the crosshairs of the watchdog’s crackdown on products delivering poor value for customers.
Speaking in a webinar on Consumer Duty on Tuesday, FCA director of insurance Matt Brewis said: “What we see as a cost, it ranges from different firms and different types of products, but can be in the range of 30%, which is high.”
Customers were being slapped with 30% interest, despite in many cases Brewis
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