Graeme Ashley-Fenn, director of contact, revenue and information management, FSA, said: “Following the success of the instalments plan introduced last year with 3,235 firms taking up the facility, we have facilitated an industry working group to review the submissions received in response to our invitation outlined in our Consultation Paper.
The group will offer reduced rates and guarenteed automatic acceptance to all FSA authorised firms, following the group’s ‘careful consideration’. The facility will operate over a three year period with an annual review of rates.
Premium Credit has been selected as the preferred supplier by the FSA to provide the facility. The FSA said businesses should be aware that they can still make their own arrangements directly through other credit providers should they choose to do so.
The FSA said the new payment plans have been designed to make it easier for smaller firms to pay the fees, while also reducing its own administration costs.