17th December 2021
The changing face of regulation and premium finance
We shouldn’t be surprised at the volume of regulatory activity around premium finance. When sold to consumers, premium finance is a regulated consumer credit product. It’s been regulated by the FCA since 2014 and the OFT before that. When sold to commercial customers the FCA are clear to remind us that PRIN, SYSC and ICOBS all apply. It’s not as simple as treating personal lines as regulated and commercial customers as unregulated, so what should the industry be looking out for?