Premium Credit offers regulated firms option to spread the cost of FCA Top Up fees
As regulated firms receive FCA Top Up fee invoices over the coming weeks, Premium Credit continues to provide a finance option enabling firms to pay in convenient monthly instalments instead of a single lump sum payment, helping to improve cashflow. Agreements, totalling over £650m have been funded by Premium Credit to date for this purpose.
The FCA issues two invoices per year where total fees exceeded £50,000 in the previous year, invoicing 50% of that fee payable by 1 April. Effective use of finance can be an efficient way for businesses to meet this cost.
Premium Credit has been offering finance options to cover FCA fees since 2005 and continues to work with firms in helping their cashflow work harder. By opting for an instalment facility to pay for fees, firms can preserve their cash reserves and allocate them to other crucial areas of their business. Typically, repayments are made over a period of 10 months.
Nigel Stewart, sales director – Premium Credit, Specialist Lending comments: “Our payment solutions have been specifically designed to help regulated firms manage their cashflow more effectively by providing an alternative payment method that covers the cost of FCA fees as well as any additional top up fees. This approach offers businesses greater control over their cash reserves, particularly useful during these economically challenging times, enabling them to better meet their current business needs.”
Mr Stewart continues: “The application process is digital and uncomplicated. We have invested constantly in technology to ensure that the entire customer journey is seamless, with most of the administration handled by us.”