premium finance
Blog: What implications could the motor finance scandal have on insurance brokers?
As the industry shoots itself in the foot. Again. Matthew Maxwell Scott, founder and executive director of the Association of Consumer Support Organisations explores how the motor finance scandal fallout might see brokers caught in the cross-fire.
Close Brothers bringing in written consent rule on commercial broker premium finance commission
Close Brothers will require consent from commercial customers for broker commissions for premium finance as of Monday 25 November.
RBC warns of potential £250m premium finance hit to Close Brothers
If a recent court ruling on motor finance litigation is upheld and spreads to premium finance Close Brothers could suffer a £250m hit, equity analysts RBC Capital Markets have warned.
Premium finance charges as high as 37% but dropping overall – report
Pearson Ham has found average premium finance costs for motor and home insurance fell over the last year but also revealed charges as high as 36.8%.
Premium finance review welcomed as EY warns of ‘heightened regulatory scrutiny’
Industry practitioners have broadly welcomed the Financial Conduct Authority launching a review into premium finance.
Industry reacts to government motor task force
The wider insurance market has given a mixed reaction to the UK government’s motor task force, with its industry-led approach questioned, but experts note it is a step forward.
FCA launches review into premium finance “fair value” and barriers to competition
The Financial Conduct Authority has launched a review, known as a competition market study, to see whether people who borrow to pay for motor and home insurance are receiving fair, competitive deals.
Why the future for brokers is data-driven
The latest Insurance Age Pulse survey explores how brokers are using data insight to guide business strategy, and reveals why more now see data as an essential factor for growth. Rachel Gordon reports
Top 100 UK Insurance Brokers 2024: Q&A with Open GI CEO Simon Badley
Simon Badley, the CEO of Open GI, the sponsor of the UK Top 100 Insurance Brokers 2024, reflects on the changing market, and how his company can help intermediaries navigate opportunities for further growth in the future.
FCA still undecided on taking GAP-like action over premium finance fair value
The Financial Conduct Authority “remains concerned” over the fair value of premium finance, it has revealed at a press conference after the regulator's annual public meeting yesterday.
Which? sounds the alarm again on “eye-watering” motor and home insurance interest rates
Research by Which? has revealed the average annual percentage rate for motor insurance on monthly premium finance at 22% and 20% for home policies.
Bexhill UK partners with Acturis on premium finance
Bexhill UK and Acturis have partnered in a full API integration of Bexhill’s premium finance system and Acturis’s insurance broking system.
Former Premium Credit bosses resurrect ‘tifco’ brand for new venture
The Insurance Finance Consultants (tifco) has formally launched today with the aim of supporting all firms, including brokers, that offer insurance premium finance.
Aviva’s Blanc: UK insurance industry needs to start planning for a post-Flood Re world
Amanda Blanc, group CEO at Aviva, claimed the UK must be cautious about what happens in a post-Flood Re world come 2039.
Biba publishes guide to help members demonstrate fair value when offering premium finance
The British Insurance Brokers’ Association has launched a guide for members that arrange premium finance for customers.
Video Q&A: Close Brothers Premium Finance MD Shaun Hooper
Following a recent survey of commercial brokers, Close Brothers Premium Finance managing director Shaun Hooper dissects the findings and offers insights into what his firm is doing to help intermediary clients avoid underinsurance.
Cost-of-living crisis pushes up premium finance demand
New research has found almost 60% of UK brokers agreed the proportion of commercial lines clients choosing premium finance to pay for their insurance will increase over the next 12 months. Rachel Gordon reports
ABI stops short on voluntary premium finance cap as it sets out five principles
The Association of British Insurers has stopped short on a voluntary industry-led cap on premium finance as it set out five principles aimed at helping consumers manage the cost of paying-monthly for motor insurance.
FCA’s Brewis warns MPs premium finance action could have ‘waterbed effect’ for consumers
The Financial Conduct Authority’s insurance director Matt Brewis has raised the concern that taking action on premium finance would have little or no impact on the price of motor cover.
Close Brothers posts more than £1bn premium finance book
Close Brothers Group has reported “record” first half levels in its premium finance book of £1.04bn for the six months to 31 January 2024.
Fair value not a Trojan Horse for price regulation, says FCA boss Nikhil Rathi
The onus on firms to satisfy themselves about fair value under the Consumer Duty is “not a Trojan horse for price regulation”, according to Nikhil Rathi, CEO of the Financial Conduct Authority.
Premium finance brings businesses benefits beyond instalments
A new survey, conducted by Insurance Age and Close Brothers Premium Finance, reveals that while most commercial brokers discuss premium finance with their clients, they do not always highlight other key advantages beyond spreading the cost. Rachel Gordon…
Giles Offen joins Premium Credit as chief product and technology officer
Giles Offen has been named chief product and technology officer at Premium Credit, where he will oversee digital product design, platform management and provision of insights.
Review of the Year 2023: Investec Premium Finance’s Osian Rees
Osian Rees, head of Investec Premium Finance, reflects on why affordability and access to insurance cover could be vote-winners at the next election, and why brokers must ensure their supplementary costs align with fair value principles.