Congratulations to Liam Creavin, partner at Coreco our first Hotel Chocolat cabinet winner. It will be with you very shortly.

To win the next decadent treat, simply answer the question below relating to the following article and e-mail your answer (A, B, or C) to editors@ae3media.co.uk by the 26 February – Good luck!

Competition question: Do brokers need FCA permissions to offer premium finance to clients?

A Yes
B No
C Maybe

It is important to note that even if your general insurance provider arranges premium finance on your behalf, since the Consumer Credit Act (CCA) brought in new rules on 1st October last year, if you as a broker or adviser play any part in arranging the premium finance between your client and the provider, you are still deemed to be involved in the sale and therefore still require FCA approval. Just being FCA authorised does not mean you have the right permissions; if you have not already done so you will still need to seek an ‘extension of permissions’ in order to meet the revised regulatory requirements on premium finance. If you are unsure of what you need to do, don’t wait – speak to your compliance service, GI provider or premium finance provider today.

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