Consumer Duty sets higher and clearer standards of consumer protection across financial services and requires firms to put their customers’ needs first. 

Full details including rules and guidance can be found on the FCA website Consumer Duty | FCA

At Premium Credit, we have a dedicated project team responsible for implementing Consumer Duty across the company, ensuring its embedded in every aspect of our business. 

This includes ensuring we provide our partners with the support they need to embed the guidance set out by the FCA.

We are working to the FCA’s Key timeline shared on their website highlighted below. Over the coming period we look to communicate to you on our progress and provide supporting material earlier, if possible.

Within the sales journey, Consumer Duty defines Premium Credit’s role as the manufacturer of the premium finance product and you, the partner, as the distributor of that product.

We both have a role to play and need to work together to fully meet the Consumer Duty guidance, which come into force in July 2023.

Thank you for your ongoing support and we look forward to working with you to provide the best service for our customers.

To support you, we have:

• Published a short paper defining what we are doing to get ready for Consumer Duty, explaining our role as the manufacturer and how this ties in with yours, as a Distributor. The paper will aim to make clear the responsibilities of Premium Credit and its partners.
  Please click here
• Shared some key questions on a firms’ governance arrangements for Consumer Duty - a handy checklist of key considerations.
  Please click here

Here are the key actions we have taken along with future phases that may be useful to help with your planning.