REG - S & U PLC - Update on Advantage Finance Limited

S&UAnnouncement

14/10/2024 07:00

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RNS Number : 9657H  S & U PLC  14 October 2024

14 October 2024

This announcement contains inside information

S&U plc

("S&U" or "the Group")

 

Update on Advantage Finance Limited

 

S&U, the specialist motor and property financier, today announces that the
collection process restrictions for Advantage Finance Limited, S&U's motor
finance subsidiary, have now been successfully lifted with the agreement of
the Financial Conduct Authority (FCA).

 

As previously announced, the Group's subsidiary company, Advantage Finance
Limited, along with others in the motor finance sector, has been in dialogue
with the FCA on its forbearance procedures for Borrowers in Financial
Difficulty and during that dialogue had voluntarily restricted some of its
collection processes. These restrictions have now been successfully lifted.

 

Regulatory discussions are still ongoing and we anticipate they will also move
towards a successful conclusion.

 

Anthony Coombs, Chairman of S&U said: "I am very pleased that the close
dialogue and co-operative relationship we are forming with the Financial
Conduct Authority resulted in this agreement. We have always prided ourselves
on excellent customer relationships and the reforms resulting from our
dialogue with the FCA should make these even stronger."

 

 

 

 

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under Article 17 of
MAR.

 

ENDS

 

 

For further information, please contact:

 Enquiries                                     S&U plc        c/o SEC Newgate

 Anthony Coombs
 Financial Public Relations                    SEC Newgate    020 7653 9848

 Bob Huxford, Molly Gretton, Harry Handyside
 Broker                                        Peel Hunt LLP  020 7418 8900

 Andrew Buchanan, Oliver Jackson

 

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