London, UK, October 28, 2016 – PremFina Limited, premium finance company offering flexible funding solution for insurance brokers, is pleased to announce that the UK’s Financial Conduct Authority (FCA) has officially approved PremFina as a fully authorised premium finance company in the UK.
The admission on Oct. 26 marks another significant milestone for PremFina, allowing it to continue delivering its award-winning premium finance solution to insurance brokers across the UK. Until now, PremFina operated under an “Interim Permission” from the FCA, similar to many other UK credit providers pending a full review of the business and decision on the application for full authorisation. The new authorisation further cements PremFina’s brand as one that’s trusted, secure and approved by one of the world’s leading financial regulatory institutions.
“It’s a proud moment for the PremFina team who’ve worked extremely hard to build a best in class premium finance solution,” said Bundeep Singh Rangar, CEO of PremFina. “The FCA approval is an endorsement of our commitment to foster innovation and competition in the market. Our platform enables brokers to provide financing options and makes the purchase of insurance premiums more affordable for their customers.”
The Financial Conduct Authority is the conduct regulator for 56,000 financial services firms and financial markets in the U.K. and the prudential regulator for over 24,000 of those firms. With the financial markets needing to be honest, fair and effective for consumers, the FCA’s aim is to make markets work well for individuals, large and small businesses, and for the economy as a whole.
Full details of the authorisation can be found here.