S & U PLC

Legal Proceedings Report • Oct 14, 2024

National Storage Mechanism | Additional information

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 Anthony Coombs	S&U plc	c/o SEC Newgate
Financial Public Relations Bob Huxford, Molly Gretton, Harry Handyside	SEC Newgate	020 7653 9848
Broker Andrew Buchanan, Oliver Jackson	Peel Hunt LLP	020 7418 8900

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCFLFSDISLFLIS