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Year: 2023
Date: 14 February, 2023
Offence Group: consumer-protection-related offences
Offence Type: consumer protection violation
Violation Description: Amigo Loans was censured by the FCA for failing to have appropriate processes in place to ensure it adequately assessed borrower and guarantor circumstances before approving a loan. Amigo's failures led to a high risk of consumer harm. The findings would have led to a £72.9 million fine, which was not imposed since Amigo demonstrated that it would threaten its ability to meet its commitments to a High Court-sanctioned scheme of arrangement, which aimed to pay redress to customers.
Agency: Financial Conduct Authority
Source of Data: (click here)