MS24/2.1 Premium Finance Market Study

The Terms of Reference set out why we are doing the market study, its scope, the key issues we'll explore, the potential outcomes that our work might lead to, and our next steps.  

Read the proposed Terms of Reference (PDF)[1]

Who this market study applies to

This market study is relevant for a range of parties including:

• Current and potential suppliers of premium finance and other products that allow UK insurance customers to pay their policy premiums in instalments.
• Premium finance motor and home insurance customers.  

Why are we doing this market study

We are launching this market study because:

• Premium finance is an important product for many customers.
• We’ve been concerned about premium finance for some time.
• We’re concerned that premium finance may not represent fair value for some customers and that competition may not be functioning effectively.  
• Rising premium prices may be making the situation worse.  

Give us your views

Although we’re not formally consulting on these Terms of Reference, we welcome any views on the intended scope of this market study. Please provide any views, as well as directing any other queries on the market study, to [email protected] by Monday 18 November 2024.  

Next steps

We’ll engage with firms, industry groups and stakeholders to gather their views on the Terms of Reference and to begin discussions over what data we may need. We expect to start these engagements shortly.