Car sales in reverse gear
ROYAL Bank of Scotland could still face action from the Financial Conduct Authority over their treatment of small businesses.
The FCA said yesterday that they had identified a number of failings as part of an interim report into RBS’s handling of their SME (small and medium-sized enterprise) clients – mainly around supporting them in times of stress.
But they said they had not systematically treated their customers inappropriately.
RBS have faced claims that their Global Restructuring Group intentionally pushed businesses towards failure in the hope of picking up their assets on the cheap.
FCA boss Andrew Bailey, said: “While the most serious allegations were not upheld, we are focusing on whether there is any basis for further action within our powers.” CAR dealership group Pendragon have blamed stalling consumer confidence for a profit slowdown.
The group, who are behind the Evans Halshaw brand, expect annual profits to be £60million, down from £75.4million last year.
Pendragon said “waning” consumer confidence had led to falling demand for new cars and they expect this to continue into the first half of 2018. Chief executive Trevor Finn said they were committed to reshaping the business.
This includes launching a review of their premium car marques such as BMW and Porsche to evaluate the “investment appeal of their franchise proposition”. Pendragon said their margins were being hit by some makers trying to “force vehicles” into the market despite weak demand. TAKING OFF Lighter Docs have helped boost profits