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

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