FCA lifts collection restrictions on S&U subsidiary Advantage

14th Oct 2024 10:08

(Sharecast News) - Motor and property finance specialist S&U announced on Monday that the Financial Conduct Authority (FCA) had agreed to lift the collection process restrictions previously imposed on its motor finance subsidiary, Advantage Finance.

The London-listed firm said the restrictions had been voluntarily adopted by Advantage Finance while it was in discussions with the FCA regarding its forbearance procedures for borrowers facing financial difficulties.

It said the lifting of restrictions was a significant step forward for Advantage Finance, although regulatory discussions with the FCA were ongoing.

S&U said it was optimistic that those discussions would also reach a successful conclusion in due course.

"I am very pleased that the close dialogue and co-operative relationship we are forming with the Financial Conduct Authority resulted in this agreement," said chairman Anthony Coombs.

"We have always prided ourselves on excellent customer relationships and the reforms resulting from our dialogue with the FCA should make these even stronger."

At 0958 BST, shares in S&U were up 1.59% at 1,793p.

Reporting by Josh White for Sharecast.com.