Premium Credit Specialist Lending is promoting its finance facility as the FCA sends out its final letters to regulated firms requesting fee payments.

More than 50,000 regulated firms are due to pay FCA fees before the end of the year, typically ranging from a few hundred pounds to several million.

Some businesses could see their fees rise by as much as 80% compared to 2019, according to Premium Credit.

As such it said it was experiencing strong demand for its credit facility from both existing customers and those choosing to fund their fees using finance for the first time.

This alternative payment method is designed to give firms greater control over cash-flow, allowing their cash reserves to work more effectively for their current business needs.

Roger Brown, chief commercial officer for Premium Credit Specialist Lending said: “As payment deadlines for FCA fees draw closer, working with Premium Credit is a consideration for those businesses looking for wider payment options.

“It’s a simple digital application process. 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.

“At the end of the day the FCA fees need to be met by the UK’s regulated companies and in the easiest way possible for these firms. Not all are aware of the credit solutions that can be provided enabling fees to be paid in convenient monthly amounts. We’ve been providing this service for 14 years and it continues to increase in popularity.”

Premium Credit said firms should act in a timely way to afford them the opportunity to consider the best fee payment option and avoid a financial penalty for any late response.