Consumer Duty, first introduced in July 2023, sets higher and clearer standards of consumer protection across financial services and requires firms to put their customers’ needs first. Full details of the duty can be found on the FCA website (https://www.fca.org.uk/firms/consumer-duty).

At Premium Credit, we have a team responsible for embedding Consumer Duty and Fair Value across the business. This includes ensuring we provide our partners with the support they need to embed the guidance set out by the FCA.

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 continue to work together to fully meet the Consumer Duty guidance.