Important update
    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

    Our Product Information

    A review of our product, including our Fair Value Assessment

    Retail Premium Finance Product Information

     

    To ensure that our product continues to meet the needs of the target market, we conduct an annual review of our products.

     

    This product supports any customer within our regulated Retail Premium Finance target market, regardless of whether they are looking to spread the payment of Personal Lines or Commercial Lines insurance premiums. It enables customers to spread the cost of their insurance through instalments, supporting affordability and access to essential cover where paying upfront is not possible or preferred. 
     

    Commercial Lines customers outside of the Retail Premium Finance target market will be eligible for our Non-Retail (Commercial) product.

    The Product Information Document covers:   
     

    • The benefits, limitations and distribution arrangements for the product. 
    • The identified needs and characteristics of our target market. This includes considering customers with characteristics of vulnerability.  
    • Why we’re comfortable that our products and services remain appropriate for our target market. 
       

    What you need to do

     

    Download our Product Information Document to make sure that:  

    1.    You understand the way we intend the product to be sold.
    2.    The way you sell our product is appropriate and aligned with our intentions.
    3.    You’re introducing the product to customers in our target market.
    4.    You understand the value that our product is intended to provide.
    5.    The way you sell our product, and earn money from it, represents fair value. 

    Documents

    • Retail Premium Finance product information

      Download our Retail Premium Finance product information, which includes our Fair Value Assessment.

    • Our Consumer Duty Guide

      Refresh your memory about your obligations under the Consumer Duty along with some frequently asked questions.

    • Our Consumer Duty fact sheet

      This includes examples of the types of activities you could consider as part of your review.

     

    More about the Consumer Duty

     

     

    This information is provided by Close Brothers Premium Finance for your assistance and for general information purposes only and should not be relied upon as a substitute for legal or other professional advice. The content of this webpage is not a substitute for the rules themselves and consequently the contents of this webpage must not be used as the basis for making decisions. You must make your own assessment of the Financial Conduct Authority publications and rules.