StockMarketWire.com - Pawnbroker H&T said it had ceased all activities in its high-cost short term credit unsecured loans business after the UK financial watchdog launched a regulatory review into the business.

The review came in the wake of changes to the consumer credit sourcebook rules regarding affordability assessments implemented in November 2018 and the Dear CEO letter issued to all high-cost short term (HCSTC) firms by the FCA in October 2018.

'The group has ceased all HCSTC unsecured lending, at least temporarily, as it works through this review process with the FCA. In the year to December 2019 H&T expects that the proportion of revenues in the HCSTC unsecured lending segment is less than 4%,' the company said.

H&T said it would be looking at the HCSTC unsecured lending practices over the past 6 years as part of its own review to determine whether any customer redress was payable.


At 10:11am: [LON:HAT] HT Group PLC share price was -71p at 301p



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