Santander cancels reporting due to FCA compensation plan: a threat to the automotive market.

SANTANDER UK demands action from the government

SANTANDER UK has announced its refusal to publish its results for the third quarter, citing the need for decisive government action regarding the proposed FCA compensation scheme for automotive financing.

'The plans could hit the automotive financing market and the broader automotive industry, leading to significant job losses,' noted CEO Mike Regnie.

He emphasized the importance of making changes to address 'industry and market issues related to the proposed financial scheme'. The situation surrounding automotive financing is becoming increasingly tense. The government needs to decide on further actions, as this depends not only on the stability of companies but also on the safety of thousands of jobs across the sector. The response from SANTANDER UK indicates that the identified issues require urgent resolution, and this matter concerns all market participants.