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Amigo Loans avoids GBP73 million fine due to redress scheme

( February 14, 2023, 09:38 GMT | Official Statement) -- MLex Summary: The UK Financial Conduct Authority has said it would have fined Amigo Loans 72.9 million pounds ($88.75 million) for failing to conduct adequate affordability checks on borrowers and guarantors — but that such a fine would have threatened the sub-prime lender's ability to pay redress to customers under a High Court-approved scheme of arrangement. The FCA said Amigo’s failures led to a high risk of consumer harm, and that one in four of the lender's guarantors were ultimately asked to step in and make payments to struggling borrowers.Statement below and final notice attached. ...

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