FCA censures Amigo Loans - £73m fine narrowly avoided

The FCA has publicly censured Amigo Loans Ltd for failing to conduct adequate affordability checks on borrowers and guarantors. The FCA would have imposed a fine of almost £73m, however Amigo demonstrated how this would cause it serious financial hardship. A fine would also likely have threatened their ability to meet commitments to a High Court-sanctioned scheme of arrangement, which aims to pay customer redress.

There are so many important themes for lenders in here and a lot of reflections with regards Consumer Duty - so not just one for lenders to consider.

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