Premium Credit is offering a finance facility as the FCA sends out invoices to mortgage brokers and lenders requesting payment of annual fees.

Recipients can spread the cost over convenient monthly repayments, helping firms preserve cash flow.

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. It says that paying the cost of FCA fees via an instalment facility allows regulated firms to spend precious cash reserves in other business critical areas with repayments typically made over 10 months rather than in one lump sum.

Nigel Stewart (pictured), sales director – sports, professions & leisure – 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.”