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Homeserve Plc (HSV)

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Monday 13 January, 2014

Homeserve Plc

Statement re FCA Update

RNS Number : 4456X
Homeserve Plc
13 January 2014
 

HomeServe plc

FCA Update

 

HomeServe announces receipt of the Financial Conduct Authority's (FCA) Draft Warning Notice (the 'Notice') relating to the investigation into historic regulatory issues at HomeServe Membership Limited.  These issues principally relate to historic sales and marketing, controls and governance and complaints handling, in line with our previous announcements.

The Notice proposes a financial penalty of £34.5m (assuming an early settlement discount of 30%).  This is higher than the company's provision and HomeServe is therefore prudently increasing its provision by £30m.

HomeServe will now engage in discussions with the FCA to finalise the Notice and do not propose making any further comment during these discussions.

The ongoing activities of the UK business are unaffected by this Notice and the business continues to trade in line with expectations.

HomeServe will issue its Interim Management Statement on 5 February 2014.

 

 

Enquiries

 

HomeServe plc

Richard Harpin, Group Chief Executive

Johnathan Ford, Chief Financial Officer

 

 

Tel: 01922 427979

 

Tulchan Group

Christian Cowley

Martin Robinson

Tel: 0207 353 4200

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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