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Investec faces double whammy in UK amid probe into car loans and lower wealth business profits

Having reported disappointing results from its wealth business in the UK, Investec also faces a potential hit of around R700m as part of an investigation into vehicle loans in that country.

But the group has played down the potential impact of the investigation into vehicle finance charges in the UK, which may hit its car lending business in its most important market outside South Africa.

The private bank and niche wealth manager, whose operations mainly span South Africa and the United Kingdom, said in its annual results on Thursday that it had set aside £30 million (about R701.5 million) for the potential impact of the Bank’s investigation UK Financial. Conduct Authority (FCA).

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