BIBA’s says its Broker guide to Premium Finance is “no substitute for seeking professional advice”
With Insurance Premium Finance in the spotlight from regulators and consumer champions, it is only right that BIBA have sought to support their members by issuing a guidance paper. Find it here Premium Finance Guide to help brokers (biba.org.uk)
BIBA is naturally always on the side of the broker and the guide is an extremely helpful checklist of the areas that brokers need to address.
Now brokers know what they should be doing, the challenge for many is how to do it. How do they create the frameworks and financial models to ensure best practice enabling finance earnings to be sustained and grow.
Given the diversity of brokers and breadth of customers the BIBA membership covers providing a one-size fits all framework is unachievable. But brokers do need help to get this right and drive the best commercial and customer outcomes.
tifco was launched to provide exactly the independent professional advice that BIBA called out.
We ensure that our clients get the best commercial outcomes, service, and regulatory support from their provider from a position of inside knowledge. We can ensure a collaborative approach with the finance providers to consistently deliver great outcomes.
Premium finance is critical to the financial wellbeing of brokers and their customers, but it needs to be done so in the right way to avoid a GAP style scenario requiring regulatory intervention.
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