FCA Restricts Car Loans Co. Over Finance Concerns

Law360, London (February 22, 2021, 12:12 PM GMT) -- Britain's finance watchdog has ordered a car finance company to cease all its activities and told it not to enter into any new leasing agreements with consumers, citing concerns about the firm's finances.

The Financial Conduct Authority said that Raedex Consortium Ltd., a motor finance provider that allows consumers to take out leases on cars through another, unregulated company, Buy 2 Let Cars Ltd, must stop trading. The watchdog said it had  "concerns" about the company's finances, but did not give specific information about the reasons for the restrictions.

"The requirements will stop Raedex from entering into any new car leases. However,...

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