Premium Credit launches FCA finance facility for accountants

Premium Credit is offering a finance facility to accounting firms as a way to help them preserve cash flow, as the FCA sent out invoices to accountants requesting payment of annual fees. 

Paying the cost of FCA fees by an instalment facility allows accountants and wider regulated firms to spend cash reserved in other areas, with repayments typically made over 10 months rather than in one lump sum. 

Premium Credit provided this financing option to over 2,000 regulated businesses last year and expects ongoing demand, as firms look to preserve cash flow during difficult trading conditions.

Nigel Stewart, sales director of sports, professions and leisure at Premium Credit Specialist Lending, said: “Our credit facility remains a cost-competitive and convenient means for regulated businesses to pay their FCA fees over monthly instalments. At a time when finances are under considerable pressure it can be a strong alternative compared to other forms of credit.

“It’s a simple digital application process and with years of significant investment in technology, we ensure the whole customer journey is a smooth, seamless process – we as the lender undertake the bulk of the administration.”

According to the company, it is important to act in a timely way, so firms have the opportunity to “consider the best payment option to pay their FCA fees and avoid a financial penalty for any late response”.