Restrictions in place for car finance provider

Car finance provider, Raedex Consortium has been restricted by the Financial Conduct Authority (FCA), due to concerns about finances, and ordered to stop activities. 

If the FCA’s threshold conditions are met, Raedex will be able to continue to trade, however until then Raedex cannot provide any new car leases, but all existing leases will remain. 

Raedex is part of an investment scheme, Buy 2 Let Cars, unauthorised by the FCA, where consumers can invest in car leases. Commenting in a statement, the FCA advise against investing through Buy 2 Let Cars as sums cannot be invested in cars that are leased out.