It is believed that BNP Paribas Personal Finance has decided to terminate its premium finance offerings next year.
Although the official BNP site has no statement, several commentators have said that it has been a sudden surprise announcement, one that will leave brokers short notice to arrange new suppliers.
BNP has been in the market for over two decades, but the market has experienced pressure with the FCA introducing new rules in October 2021, making the sector potentially more onerous to operate in and with the risk of penalties. The FCA, indeed, wrote one of its ‘Dear CEO’ letters in June reminding companies of their duties.
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