The subprime lender said it had now begun an in-depth review after the FCA pointed to possible issues in its operating procedures and processes at the guarantor unit.

Non-Standard Finance said in June that it was considering issuing new equity to bolster its balance sheet after flagging risks to its ability to continue as a going concern due to the impact of the COVID-19 crisis on its lending business.

(Reporting By Rachel Armstrong, Editing by Maiya Keidan)