On 19 February 2021, the FCA imposed a number of restrictions on motor finance provider Raedex Consortium Limited (Raedex) requiring the firm to cease conducting regulated activities because of concerns about its finances. Raedex is part of an investment scheme where consumers can invest in car leases through Buy 2 Let Cars Ltd. and Rent 2 Own Cars Ltd. This investment scheme is conducted through Buy 2 Let Cars Ltd. which is not FCA authorised.
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.
If any consumers who have invested in Buy 2 Let Cars Ltd. or customers of Raedex have queries they should contact the Buy 2 Let Cars Ltd. on 020 8289 6667 or Raedex directly on 020 3823 1010.