Andrew Doman supports transparency in the marketplace
Premium Credit has welcomed the findings of an FSA investigation into brokers’ premium finance deals and backs the regulator on its call for transparency in the market.
Premium Credit chief executive Andrew Doman (pictured) said: “The FSA has said it will not be taking any further action into brokers’ premium finance deals but has cautioned for intermediaries to be transparent. Premium Credit fully supports the FSA and believe there should always be full transparency when it comes to any financial product, including premium finance.
“Premium financing is vital in allowing brokers and their clients immediate access to funds. It plays a very important role in helping small and medium sized businesses throughout the UK by providing financing for their growth.”
ButDoman acknowledged that for the market to succeed the FSA’s requirement of treating customers fairly (TCF) was of vital importance. “TCF is central to regulation and ensuring an efficient and effective market and helping consumers achieve a fair deal,” he said. “Disclosure and transparency will continue to be the key in achieving TCF.”
He also reinforced Premium Credit’s commitment to sharing best practice. “We will continue to support the industry in ensuring that we work with them on key industry and regulatory issues in the premium finance market, and sharing best practice and guidance to protect and support their insurance broker members and customers,” Doman said.
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