Colin Wallace, commercial director at Close Brothers Premium Finance, explains how the company is investing in building trust and reliability.
In a market shaped by regulatory change, economic uncertainty and heightened scrutiny, trust has never mattered more. For premium finance providers, that trust must extend in two directions — protecting customers while also supporting brokers to operate with confidence and clarity.
At Close Brothers Premium Finance, this balance is fundamental to how we operate. Protecting brokers and customers is not a reaction to regulation; it’s embedded in our DNA.
Acting early on commission disclosure and consent
During a period of ambiguity and uncertainty around commission practices, we made the decision to implement commission disclosure and consent. At the time, the regulatory environment was evolving, and clarity was limited. Rather than wait, we acted. Our objective was twofold: to ensure customers had transparency around how premium finance arrangements worked, and to protect brokers by providing a clear, consistent framework at a time when expectations were still forming We took a deliberate decision to support brokers and inform customers, when the market needed it most. Implementing commission disclosure and consent helped protect brokers and customers alike during a period of uncertainty.
Clarity following the FCA Market Study
The FCA’s recent Premium Finance Market Study brought much needed clarity to the market. Its findings reinforced the importance of transparency and customer understanding, while also providing the clarity that brokers do not operate under discretionary commission arrangements. Following the conclusions of the Market Study, we continue to support commission disclosure as a core principle of good customer outcomes. However, the regulatory clarity enabled us to remove the need for commission consent, removing friction from the journey while maintaining transparency for customers.
Supporting the FCA and the wider market
We welcome the FCA’s focus on customer outcomes, transparency and fair value. The Market Study’s findings have helped establish a more consistent baseline across the premium finance market benefiting brokers, customers and providers alike. For us, this means continuing to invest in governance, oversight and communication, while working collaboratively with brokers to ensure regulatory expectations are met in a way that is proportionate and practical.
Importantly, the Market Study has helped move the conversation from uncertainty to confidence — creating a more stable platform for sustainable growth across the premium finance sector.
Affordability: protecting customers and improving experience
Customer protection is not limited to transparency alone. Affordability sits at the heart of delivering good customer outcomes and is central to our latest investment. Our affordability programme is designed to protect customers by ensuring they can afford the borrowing they are applying for. We’re currently investing to improve the overall customer experience by providing real-time decisions earlier on in the customer journey. Good customer outcomes and good customer experience are not competing goals. Our affordability programme is built to protect customers and improve the current customer experience within the finance application journey.
Future built on trust
Brokers operate in an increasingly complex environment. Our role is to support them with clarity, consistency and confidence - ensuring regulatory expectations are met, customer trust is protected and growth remains sustainable. By acting early, supporting regulatory clarity and continuing to invest in customer protection, we believe premium finance will continue to play a positive, enduring role in the insurance value chain.
