Golden sings premium finance praises
Premium finance can assist brokers with cash management in the new regulatory environment, said Bob ...
Premium finance can assist brokers with cash management in the new regulatory environment, said Bob Golden, chief executive of Close Premium Finance. He told delegates brokers can outsource cash management or use finance to help with the burden.
Golden said: "Income from premium finance does not have to be disclosed unless the client requests it. Premium finance increases income while reducing administration and helps with cash flow management. It is also not included for determining capital requirements or Financial Services Authority fee obligations."
He added that brokers would have to make a number of changes if they are to comply with the FSA's financial requirements. Brokers will have to decide whether to hold client money in a statutory or non-statutory trust, reconcile accounts every 25 days and amend terms of businesses where consent is required from clients.
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