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Close Brothers announces that it will exit some broker relatioships in a retreat from personal lines

Link(s):Strategy changes – Customer | Close Brothers Premium Finance

Context

CBPF has announced that it will exit some broker relationships over the next twelve months as it starts to move away from personal lines business.  It intends to reduce the emphasis on personal lines insurance premium finance to focus on commercial business. If any firms enjoy preferential rates as a result of Network arrangements, they should get in touch with the Network or their usual CBPS account manager.

Key points to note and next actions

  • This information is only relevant to customers who purchase insurance from a broker affected by the business changes.
  • The announced change in CBPF business strategy means that it will not be continuing to work with some insurance brokers in the future.
  • Affected customers will be contacted before their insurance renewal date.  These changes are not happening immediately, and CBPF intends to start contacting customers from October 2025.
  • For current customer of CBPF this does NOT impact:
  • their current agreement; they should continue to make your monthly repayments in the normal way;
  • their insurance policy; or
  • their credit rating or credit score for the future.
  • This is just a change to the way CBPF works with insurance brokers, and customers don’t need to do anything at this time.
  • There is a series of FAQs on the relevant CBPF web page.
  • We recommend that impacted firms start to look at how this could potentially impair consumer outcomes for their clients who may be with CBPF (particularly for financially vulnerable customers) and start to approach other premium finance providers in the market and the insurers they deal with so that, when customers are contacted, they have a plan in place.