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Before you **** off the FCA too much, remember Amigo would already be sunk if it weren’t for the moratorium on complaints. I would be showering FCA with gratitude if I were a shareholder.
If anyone is to blame for the SOA1 shambles it’s the BoD. Even with advanced notice of FCA objections, they couldn’t demonstrate that their central proposition - the scheme or bust - was true in court and yet they seemed to expect the judge to wave it through. They don’t deserve to still be in business - it’s only FCA leniency that has protected them.
The Financial Conduct Authority previously said in March it had several problems with Amigo's proposed 'Scheme of Arrangement', including over how mis-selling complaints would be assessed by the company and how much complainants would receive, but would not oppose it.
Ah good, straight to name calling. The sign of an argument lost before it even began.
Have you read the letter?
March letter; The FCA recognises some of these concerns are matters for the Court to consider at any sanction, rather than convening, hearing, however the FCA is raising them now for completeness and because the FCA does not anticipate direct engagement with the Court during the Scheme process, should it proceed (although the FCA reserves its right to do so).
May letter; The FCA considers that a fair compromise could have, but in this case has not been, proposed to Scheme Creditors to vote upon. Therefore, and in view of the particular concerns stated above, the FCA has decided that it intends to appear at the Sanction Hearing through counsel to oppose the sanction of the Scheme, even if approved by the requisite majority of Scheme Creditors, on the basis that the Court cannot be satisfied that the Scheme in its current form is fair.
The FCA did their job. I'd love to hold them responsible, but we can't. They are one of the few parties that actually did their job (unlike our BOD).
Thanks for your opinion daniel. You are probably right in that it will be unsuccessful, but only because the fca protects itself and doesn't play fair. They manipulated the market by saying that they wouldn't object in court in the absence of material changes and then subsequently did object in court despite their being no material changes. They created a false market which they then exploited in court by using the share price increase that they had created in order to beat up Amigo with it. They changed their mind because of a change in senior personnel within their own organisation. It does amuse me when some twat like you can make a judgement on a complaint without having any capability or expertise.
Danieldavis, Your right in your comment, but i think they wont announce it tomorrow as Customers Committee is still looking at and they may say -we will let everyone in due course - that's just my view
Out of the 3, only the Board in theory will have an eye on shareholders. A deal that all but wipes out shareholders destroys a lot of credibility. The Committee will just want maximum cash for all these people, most of whom are just jumping on the bandwagon and weren't really missold and the FCA want to appear tough. Still waiting for a final outcome of my complaint against the FCA for the false market they created last time, but not expecting much from them as they just look after themselves and are essentially inept bureaucrats of little real use.
The judge wants a fair deal for the customers with valid claims, the customers with valid claims want more dosh and faster and the FCA want to wipe out the shareholders. Is the delay being caused by Amigo trying to protect the shareholders from wipeout?
Any views on this - doesn't sound like the potential scheme details have even been agreed by the Committee yet, let alone the FCA. Hopefully the Committee (no shareholders allowed) realise that there is a finite amount of funds and that paying out everything completed isn't an option, or presumably they would all have just voted for that.
I changed the poster Sandra's name to Sandy to protect her anonymity - don't tell them your name Pike!
September 26, 2021 at 4:37 pm
I had this today from amigo- Firstly, we’d like to apologise that it’s been a while since we last reached out to you. Although this is not an update on a new Scheme, we wanted to let you know what we’ve been doing and where we currently are. We continue to work with all stakeholders, including our regulator, to ensure customers get the best possible outcome. Introduction of a Customers’ Committee This time we’ve looked to increase customer involvement which means we’ve put together a Customers’ Committee. This Committee is made up of eight volunteers selected at random from past and present borrowers and guarantors. The Committee has been given completely independent advice (paid for by Amigo) and has been discussing what they as customers would want the new Scheme terms to be. What’s happening now? We are working with the Customers’ Committee to come up with a solution that provides the best possible outcome to anyone with a valid claim. We don’t yet have any timeframes on when we’re likely to announce anything, but we will be in touch as soon as we have anything we can tell you. An update on outstanding complaints We understand that some customers will still be waiting for a response to their outstanding complaint. As we are still working hard on what a new Scheme could look like, our pause on progressing certain complaints, and paying redress, remains in place.