Information on premium finance market study

Reference Case Number: FOI2025/00507

Freedom of Information: Right to know request:

Please provide information in relation to your Finance Market Study Update Paper MS24.2.

In the Premium Finance Market Study Update Paper MS24/2.2 at point 1.2 it said the investigation gathered evidence and data from a request for information from sample firms.

How many brokers and/or intermediaries were involved at this stage of the investigation?
How many were insurers?
How many were premium finance providers?
In total, how many data points and documents were generated from the request for information from the sample firms?
Did you have any follow-up meetings with brokers and/or intermediaries? If so, how many?
Did you have any follow-up meetings with insurers? If so, how many?
Did you have any follow-up meetings with premium finance providers? If so, how many?
When were the first and last meetings for the premium finance market study done?
Point 1.2 also references using existing FCA datasets, including the General Insurance Pricing Practices (GIPP), regulatory data returns and the Financial Lives Survey (FLS). How many data points and documents were pulled from this part of the process?
Did you use a consultant for the premium finance investigation?
How many people worked on the investigation?
How many many hours were logged?
How much did the investigation cost?

FCA response:

Question 1

We can confirm that there were 32 separate entities included.

Question 2

Of those, in question, 1, 10 were insurers.

Question 3

Of those in question 1, 7 were Specialist Premium Finance Providers.

Question 4

Our records indicate there were 1124 documents and 165,182 data points from our requests for information

Question 5

We had 7 meetings with 7 intermediary firms and 5 meetings with 2 Price Comparison Website firms.

Question 6

We had 3 meetings with 2 insurance firms.

Question 7

We had 6 meetings with 5 SPFP firms.

Question 8

The first meeting was 14 October 2024 and the last, and most recent, meeting was 25 July 2025.

Question 9

Our records indicate 1,882,807,968 data points from GIPP, 221,000 data points from reg returns and 18,761,680 data points from FLS.

Question 10

No, we have not used a consultant for this piece of work.

Question 11

There were 22 individuals who made up the team who worked on this piece of work.

Question 12

According to our time recording system, 18,864 hours have been logged against this project

Question 13

There were no additional costs incurred outside of FCA resource. We are unable to provide a breakdown of internal FCA staff time/costs, because this is not information which we track.

Date of Release: 01/09/2025

Information on premium finance market study - September 2025