IN BRIEF: UK FCA closes investigation into Lookers without sanctions

Lookers PLC - British car dealership chain - UK Financial Conduct Authority closes investigation ...

Alliance News 2 March, 2021 | 2:46PM
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Lookers PLC - British car dealership chain - UK Financial Conduct Authority closes investigation against subsidiary Lookers Motor Group Ltd for possible mis-selling of products and issues relating to potential customer detriment between January 1, 2016 and June 13, 2019. Looks notes the investigation was originally announced on June 25, 2019. The FCA says it will not apply any sanctions against Lookers but made its concerns clear relating to the historic culture, systems and controls of the group. Lookers says it will now release the GBP10.4 million provision made for potential liabilities from the investigation.

"The board fully accepts the FCA's comments and is committed to continue the progress made to date in transforming both culture and the customer experience. The group continues to have an open and cooperative relationship with the FCA supervisory team," says Lookers.

Current stock price: 42.10 pence, up 5.3% on Tuesday

Year-to-date change: up 6.6% from January 29, when trading was restored after a suspension in July 2020

By Zoe Wickens;

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Lookers PLC 67.00 GBX -4.01 -

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