premium-finance
FCA continues to scrutinise premium finance APR outliers
Chris Knight, the Financial Conduct Authority’s new director of insurance, has revealed he wants to see premium finance annual percentage rates fall further.
More consumers rely on credit to cover insurance costs
Insurance customers in the UK are borrowing more than £500 a year to cover their premiums in the face of cost-of-living pressures, according to research from Premium Credit.
Mastering complexity: the premium payment processing revolution in insurance
Program administrators, including brokers, MGAs and MGUs play a vital role in facilitating insurance products. This article highlights the challenges associated with managing insurance premium payments and how premium processing systems can be leveraged…
Which? fears FCA’s premium finance response is a worrying omen
Rocio Concha, director of policy and advocacy at Which?, warns the Financial Conduct Authority has failed to take decisive action on costly premium finance, leaving financially vulnerable insurance customers paying over the odds.
Why FCA’s premium finance probe fell short
Rebecca Deegan. director of consumer campaign Fair By Design, argues the Financial Conduct Authority premium finance market study stopped short of addressing past overcharging or tackling the underlying incentives that push costs onto people who have the…
Q&A: Sharon Bishop, PremFina
Sharon Bishop, CEO of PremFina, explains how the business has scaled from helping 15 brokers in 2021 to more than 200 today, leveraged technology to stay ahead of regulation, and set its sights on becoming the UK’s leading premium finance provider.
Lack of tech standards stifles premium finance competition
A “lack of standards” in technology has prevented the UK premium finance market from developing as quickly as others across the world, according to Steve Wallis, European representative for Red Planet Software.
Should premium finance firms be on high alert after motor finance decision?
News Editor’s View: Scott McGee looks at the approaches to commission disclosure taken by various premium finance firms, and how they might be feeling following the Supreme Court's motor finance decision.
FCA admits profiteering didn’t push up insurance prices
The Financial Conduct Authority has acknowledged the recent surge in motor insurance premiums was driven primarily by external cost pressures rather than excessive profiteering by insurers.
Why cutting instalment costs could be a win-win for insurers
As paying for home and motor insurance in instalments shift from a convenience to a necessity, Ian Hughes, CEO of Consumer Intelligence, insists fairer pricing could turn a regulatory requirement into a powerful growth strategy for providers.
60 Seconds With... Premium Credit’s Owen Thomas
Owen Thomas, chief sales officer of Premium Credit, has cooked for Steps, would love to be Jack Reacher, and whether he wins, loses or draws you know he has tried as hard as he can to succeed.
Insurers cover APR cuts by increasing instalment costs
Consumer Intelligence has uncovered evidence that insurers are reducing their advertised annual percentage rate for premium finance without reducing the actual cost of paying for home and motor insurance in instalments.
FCA premium finance crackdown saves consumers £100m
Since the the Financial Conduct Authority’s head of insurance Matt Brewis labelled premium finance a “poor product”, car and home insurance customers have saved more than £100m in the last year after insurers reduced how much they charge policyholders…
How to get ahead of the FCA’s premium finance probe
To make sure you don’t incur the regulator’s wrath as it examines premium finance, Claire Van der Zant, chief growth officer at Shieldpay, recommends you scrap the spreadsheets.
What to expect from the regulator in 2025
In the first Insurance Post Podcast of 2025, regulatory experts reveal whether the Financial Conduct Authority will become a pricing regulator and slim down the rule book in the year ahead.
How the FCA could address premium finance failings
Marc Maxfield, risk and regulation expert at PA Consulting, explains what steps the regulator could take to reduce profiteering from premium finance plus how insurers should prepare for the watchdog's probe now.
Wheels in motion for changes that benefit insurance customers
Following her attendance at inaugural meeting of the government's motor insurance taskforce, Rocio Concha, director of policy and advocacy at Which, shares her hopes for robust action from the regulator to make the sector work better for customers.
Why premium finance is like a teenager’s stinky socks
Editor’s View: Emma Ann Hughes reflects on the ramifications of the Financial Conduct Authority shifting from issuing warnings to kicking off a review of premium finance for home and motor insurance on Wednesday (16 October).
FCA launches premium finance market review
The Financial Conduct Authority has launched a review of the premium finance market, alongside the launch of a government motor insurance taskforce.
How to meet the FCA’s expectations
Insurers need to be able to articulate the way they make money if they want to satisfy the Financial Conduct Authority, according to Michael Sicsic, founder and managing partner of Sicsic Advisory.
CII’s Connell tackles fair pricing for premium finance
Trade Voice: Dr Matthew Connell, director of policy and public affairs at the Chartered Insurance Institute, says there are many ways of justifying whether a price is reasonable or not.