Your article "Deal or no deal" (Features, 3 August) makes a number of generalisations about regulation and sales practices in the premium finance industry.
I cannot speak for our competitors, but being the longest established premium funder in the market and a part of the Close Brothers Group, Close Premium Finance is regulated by the FSA. And I believe that all premium funders should follow suit.
Our services are fully FSA compliant, so much so that we have introduced broker contracts that clarify our policies and terms of trade. As to our rates, we work closely with our brokers to ensure that these are fair and in line with the marketplace.
Surely, customers would vote with their feet if they felt our rates were unreasonable?
You mention an "alternative" provider entering the market. Close has for years offered, either as a package or individually, the option to fund, to use online processing software and to undertake full administration.
Most brokers choose the complete package due to the risk and liability issues and the administration, which far outweighs the costs.
Finally, I fully agree that we all need to focus on what we do best - for brokers this means broking business and for us, this is about providing the best service and support possible.
Sometimes this involves visits from our account managers but this is not something we apologise for. In fact, the majority of our brokers commend us on the quality of our account management.
In eight out of the last 12 years we have won the coveted Premium Financier of the Year award from the readers of your own magazine.
Nigel Mottershead
Managing director
Close Premium Finance
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