FCA orders Buy2LetCars to halt its operations amidst finance concerns

From: RegTech Analyst

The UK’s top financial markets watchdog has ordered Buy2LetCars and Rent2OwnCars owner Raedex to halt operations.

The Financial Conduct Authority (FCA) ordered the motor finance provider to cease conducting regulated activities because of concerns about its finances.

The FCA said that it had not authorised Raedex’s Buy2LetCars investment scheme.

“The requirements will stop Raedex from entering into any new car leases, however all existing leases will remain in place and any customers of Raedex who have leased a car, need to continue to make payments under their leases,” the FCA said in a statement.

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