Providers prepare for FCA affordability rule changes hitting premium finance
Biba calls for level playing field with direct insurers.
Premium Credit and Close Brothers Premium Finance (CBPF) have already taken steps to prepare for expected changes in regulations on assessing credit worthiness in consumer credit.
Since January Premium Credit, which has over 2m customers financing £3.3bn lending a year all through over 2,000 insurance broker relationships, has been conducting “hard” credit checks on all applications and Insurance Age can reveal that CBPF’s new process will start on 27 July.
The lender has communicated with
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