Rates of interest of 3.35 per cent, 9.2 per cent APR, or 2.85 per cent, 7.8 per cent APR, for trade association members have been negotiated for 2007/08 for firms wishing to pay fees by instalments.
In 2006/07 over 3,800 firms chose to pay by instalment. Premium Credit Limited has again been selected as the preferred supplier by the working group, and will continue to guarantee auto-acceptance to all FSA authorised firms.
FSA director of contact, revenue and information management Graeme Ashley-Fenn says: “I am delighted the FSA has again been able to negotiate very competitive rates for our authorised firms. The option to pay by instalments is a key part of making the FSA easier to do business with and is especially valued by smaller firms.”
Aifa director general Chris Cummings says: “Having campaigned for the introduction of the scheme, we are pleased that it has been such a success and that members will continue to benefit from preferential rates and the ability to improve their cash flow. This is a good example of trade bodies and FSA working together to bring about a positive outcome for firms.”