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Important updates
    Changes to future finance agreements

    Due to some business changes, a number of customers won’t be able to take out finance agreements with Close Brothers to cover the cost of their insurance policies in the future. This change will not happen immediately, and we will be working with brokers over the next 6-12 months to organise a smooth transition. This does NOT impact any current finance agreements OR existing insurance policies.

    Find out more

    Inactive credit agreements

    Termination of inactive credit agreements  


    We’re committed to being an efficient and effective organisation that delivers great customer outcomes, so we’re doing some general housekeeping and improving our management of old credit agreements.  

     

    We have already completed an internal task to terminate all inactive credit agreements, that are fully settled, and over 2 years old. At the end of August 2026, we will introduce a new automated process that will terminate credit agreements which are up to 2 years old, fully settled and inactive. We will contact these customers in advance to explain that their credit agreements have been fully settled and are no longer in use, so will be terminated.  

     

    We have also established an automated process so that moving forwards, all fully settled and inactive credit agreements will be terminated in the same way.  

    What this means for you

     

    Existing customers who continue to use premium finance for renewals, MTAs or other future lending will not be affected and their credit agreements will remain active.  Customers who continue to use premium finance regularly will see no change to their experience.

     

    A new credit agreement will only be required when a previous agreement has been fully settled and remained unused for an extended period, before being terminated.

    How and when customers are notified

    We will contact all customers 2 months before their credit agreement termination date. Termination dates differ depending on the type of credit agreement:

    • For standard credit agreements with 12 monthly instalments or less – credit agreements will be closed at 16 months after inception date.
    • For more bespoke credit agreements, such as those with more than 12 monthly instalments - credit agreements will be closed 10 months after the final payment date .

      Why can’t I reuse the old credit agreement? Brokers audience - Finance applications

      The credit agreement was terminated because it had no activity for a while which means a customer's finance was paid in full and there was no further lending. Once terminated, it cannot be reused or support any new lending, even if it previously supported multiple loans. If the customer wishes to take out new finance, a new credit application will need to be completed as part of the standard new-business journey, in line with regulatory requirements. 


      The old RACA status in i-prompt will be ‘C’ (cancelled) and cannot be reopened or reinstated. 

      What should I tell a customer if they contact us about the termination? Brokers audience - Finance applications

      Explain that the credit agreement was terminated as it had no activity for a while (customer's finance paid in full and there is no further lending) therefore, cannot remain active. Reassure them this is not due to anything they have done and does not affect eligibility for future lending, and that a new credit application may be made. Please note, standard decline/rejections of credit agreements (i.e. CDD/Credit Decisions etc) will continue as per normal.