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. The most significant change to our product since the last review was the introduction of the new commission disclosure and consent journey.
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.
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.
April 2024
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Retail Premium Finance product information
Download our Retail Premium Finance product information, which includes our Fair Value Assessment.
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Our Consumer Duty Guide
Refresh your memory about your obligations under the Consumer Duty along with some frequently asked questions.
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Our Consumer Duty fact sheet
This includes examples of the types of activities you could consider as part of your review.
Information provided by the FCA
- An overview of the Consumer Duty
- The final rules
- Final guidance on how you should comply with your obligations under the Consumer Duty
- The FCA's expectations for how firms should embed the Duty across their business (bulletin)
- Guidance on the fair treatment of vulnerable customers
- Applying behavioural economics at the FCA
- FCA's media library
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.