Lookers PLC Review of regulated activities (3883D)
June 25 2019 - 9:14AM
UK Regulatory
TIDMLOOK
RNS Number : 3883D
Lookers PLC
25 June 2019
25 June 2019
This announcement contains inside information for the purposes
of article 7 of the Market Abuse Regulation (EU) No 596/2014
Lookers plc
Review of regulated activities
Lookers plc, ("Lookers", "the Company" or "the Group"), one of
the leading UK motor retail and aftersales service groups, issues
the following statement in connection with a review into the
controls and processes of its regulated activities.
Adapting to developments in regulation affecting the motor
retail industry and the fast pace of change of customer demands and
behaviours, is a key challenge and an important priority for the
Group.
As disclosed in the 2018 Annual Report and Accounts, during last
year the Board became aware of certain matters requiring review in
some areas of the business subject to regulation by the Financial
Conduct Authority ("FCA"). In December 2018, the Board commissioned
an independent review of the Group's internal control, risk
assurance systems and internal audit. This review, which we shared
with the FCA, indicated that there were some control issues in the
sales process in the Group's regulated activities which will
require an improvement plan to be implemented. We have invested in
both our internal capabilities and external advice. The project
will be completed and agreed actions will be implemented as soon as
possible.
The Company has now been informed by the FCA that it intends to
carry out an investigation into the Company's sales processes
between the period of 1 January 2016 to 13 June 2019.
The FCA investigation is newly commenced and no findings have
been made. The FCA will reach its conclusions in due course and, at
this stage, the Company cannot estimate what effect, if any, the
outcome of this investigation may have. The Company is co-operating
fully with the FCA in relation to this and will update the market
further when appropriate.
Enquiries:
MHP Communications Tel: 0203 128 8193
Tim Rowntree, Simon Hockridge, Alistair de Kare-Silver
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END
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