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Lookers PLC escapes with a warning as FCA ends sales process probe

Lookers said it had already invested in a new remediation plan including an overhaul of its culture and customer experience.

()  is to write back a £10.4mln provision after the FCA ended its inquiry into the car dealer’s sales processes in the first half of 2019.

The investigation was into the possible mis-selling of regulated products and associated issues relating to potential customer detriment during the period, the FCA said.

While the regulator said it does not intend to take any action, it warned the group about its historic culture, systems and controls.

Lookers said it had already invested in a new remediation plan including an overhaul of its culture and customer experience.

Mark Raban, chief executive, added:  “It is an important time for Lookers as we emerge from a difficult period dealing with both the challenges of our legacy issues and COVID.

“We are pleased that the FCA has decided to close its investigation and we can now look forward and continue to build our business for the benefit of our customers and other stakeholders.”

Shares rose 8% to 43.6p.

Read More: Lookers PLC escapes with a warning as FCA ends sales process probe

2021-03-02 04:58:00

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