Members will get a 0.5% discount

Biba has secured a special rate for its members in connection with FSA funding.

The FSA has confirmed the instalment plan for next year’s regulatory fees and levies, including a specially negotiated deal by BIBA for members, with BIBA Partner and scheme provider Premium Credit.

Biba said that following its input into the FSA Regulatory Fees & Levies Instalment’s Working Group, a specially discounted rate for BIBA members that is 0.5% lower than for non-trade association members, has been agreed.

It includes guaranteed auto-acceptance of sums up to a specific limit, provided there have been no defaults in previous years.

Graeme Trudgill, BIBA technical and corporate affairs executive, said: “We are delighted to have negotiated a special rate for BIBA members. This is an excellent outcome that should help brokers’ cash flow, considering the current economic environment.”

Mark Dempster, head of direct debit management services at Premium Credit said: “This is another example of Premium Credit adding value by continuing to provide BIBA members with a highly competitive fee payment option."