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FCA rule for online financial promotions

The Financial Conduct Authority (FCA) controls direct finance activity between brokers and customers. It is now vital that brokers include the detail of their finance providers’ features on their websites.

As a finance provider, Promarine has been asked by boat broker partners to supply details of its finance features for inclusion on their websites. Promarine’s promotions fall within the FCA guidelines.

Stuart Austin, Promarine Director, commented “our lending is based around finding people that want to cherish their boat and then ensuring we help them to purchase what they can afford.”

Promarine Finance has often helped boaters purchase boats that fall outside the remit of the banks. Promarine will finance older boats, lend from as little as £3,000 and over a period of up to ten years. Typically Promarine will lend up to 70%.

Stuart added “most of our customers have a clear idea of the type of boat they want and the budget they can afford. Customers often choose to finance part of their boat purchase price, so keeping their savings in place for a rainy day. We are very happy to lend the minimum amount customers need to get the boat they want, at payments they can afford. Our online calculator helps to quickly get the ball rolling.”

Recent changes introduced by the FCA restrict licensed brokers to introducing Promarine Finance to customers that are limited companies or defined as “high net worth individuals.” All regulated customers must make their own arrangements.