LONDON — Lookers says that the UK’s Financial Conduct Authority has closed its investigation into possible mis-selling of products by the dealership group.
In March last year, Lookers delayed its annual results after identifying potentially fraudulent transactions in one of its segments.
Lookers will now release provisions of £10.4 million ($14.43 million) it had made in relation to any potential liabilities arising from the investigation, the company said in a statement.
Lookers is Europe’s third-largest independent dealership group by revenue, according to Automotive News Europe‘s 2019 Guide to Europe’s Biggest Dealers. It has 164 new-vehicle franchise points in the UK and represents 31 brands.