Lookers PLC Closure of FCA Investigation (7782Q)
March 02 2021 - 1:00AM
UK Regulatory
TIDMLOOK
RNS Number : 7782Q
Lookers PLC
02 March 2021
2 March 2021
Lookers plc
Closure of FCA investigation
Lookers plc ("Lookers" or "the Group"), one of the leading UK
motor retail and aftersales service groups, issues the following
update in connection with the investigation by the Enforcement
Division of the Financial Conduct Authority ("FCA") into the
Group's sales processes between the period of 1 January 2016 to 13
June 2019 (the "Period") which was originally announced on 25 June
2019.
The FCA has advised the Board of its decision to close the
investigation against Lookers Motor Group Limited, the Group's FCA
regulated entity, for the possible mis-selling of regulated
products, and associated issues relating to potential customer
detriment during the Period.
In closing the case, the FCA further advised the Board that it
does not intend to use its statutory powers to apply any sanction
against the Group in relation to the matters under investigation.
However, the FCA made its concerns clear relating to the historic
culture, systems and controls of the Group. 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.
Having already invested in a major remediation plan, including
new systems, controls and process improvements, the Board remains
fully committed to the Group's ongoing investment programme,
driving the creation of the right culture, working towards an
industry leading customer experience.
The Group will now release the provision of GBP10.4m which was
made in relation to any potential liabilities arising from the
investigation.
Mark Raban, Chief Executive Officer said:
"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."
This announcement contains inside information for the purposes
of article 7 of the Market Abuse Regulation (EU) No 596/2014. The
person responsible for making this announcement is the Chief
Executive Officer.
ENDS
Enquiries
Lookers Tel: 0161 291 0043
Mark Raban, Chief Executive Officer
Anna Bielby, Interim Chief Financial
Officer
MHP Communications Tel: 07709 496 125 / 020 3128
8193
Tim Rowntree
Simon Hockridge
Alistair de-Kare Silver
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END
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