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Highlights:
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The Financial Conduct Authority (FCA) has lifted restrictions on the collection processes of S&U PLC motor finance subsidiary, Advantage Finance.
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Ongoing discussions between S&U and the FCA aim to further improve procedures for borrowers facing financial difficulties.
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Chairman Anthony Coombs emphasizes the company's commitment to enhancing customer relationships through constructive dialogue with the regulator.
S&U PLC {LSE:SUS} has announced that the Financial Conduct Authority (FCA) has lifted restrictions previously imposed on the collection processes of its motor finance subsidiary, Advantage Finance. These restrictions were voluntarily agreed upon while the company collaborated with the FCA on developing forbearance procedures to support borrowers experiencing financial challenges.
With the lifting of these restrictions, S&U acknowledges that discussions with the FCA are still ongoing, reflecting a commitment to continual improvement in customer support and regulatory compliance. The company remains optimistic about achieving a favorable outcome from these dialogues.
Chairman Anthony Coombs expressed satisfaction with the progress made in building a constructive relationship with the FCA. He noted, "I am very pleased that the close dialogue and cooperative relationship we are forming with the Financial Conduct Authority resulted in this agreement." Coombs further highlighted the company’s long-standing dedication to fostering excellent customer relationships. He believes that the reforms stemming from the ongoing discussions with the FCA will further strengthen these connections.
The lifting of collection process restrictions marks a significant step for S&U and Advantage Finance, enabling the subsidiary to operate more effectively while continuing to prioritize borrower welfare. As the financial services landscape continues to evolve, S&U’s proactive approach in engaging with regulators demonstrates its commitment to compliance and customer care.
In summary, S&U PLC’s collaboration with the FCA not only reinforces its operational capabilities but also underscores its ongoing commitment to enhancing the customer experience amid a challenging economic environment. The company remains focused on nurturing strong relationships with its customers while adhering to regulatory expectations.
