StockMarketWire.com - Shares of Lookers jumped after the UK motor retail and aftersales service company said the UK financial regulator had closed its investigation into the alleged mis-selling of regulated products.

The Enforcement Division of the Financial Conduct Authority launched a probe into the group's sales processes between the period of 1 January 2016 to 13 June 2019 and was originally announced on 25 June 2019.

'In closing the case, the FCA further advised the board that it does not intend to use its statutory powers to apply any sanction against the group ... but made its concerns clear relating to the historic culture, systems and controls of the group,' the company said.

Lookers said it fully accepted the FCA's comments and was committed to 'continue the progress made to date in transforming both culture and the customer experience.'






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