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Totally agree about the market manipulation Mav, the FCA new exactly what they were doing and what would happen to the sp.
They used it court and played a blinder!
Lousy maggots!
they can easily do that later, but first they need to sort that GL issue
Amigo should do a Provident... blag it, by introducing a Vanquis credit card which is very profitable and doesn't require a guarantor.
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GG....... "".... if Labour were to obtain power .... then Amigo would be massively regulated if allowed to trade at all.""
These wannabe pseudo - socialists are after one thing... the populist vote ( which they themselves accuse the Tories of constantly !)
Money lending is the world's second oldest profession, the demand for which will not be diminished purely by legislation to limit access !!!
If a 'lefty' govt. (god forbid) forced the Banks to lend 'unsecured' to all and sundry no matter what their credit worthiness is, then does any socialist do-gooder out there really think it will be at rates lower than credit cards or overdrafts ???????
'Risk versus Reward' doesn't just apply to investors.
GLA
Dimi 79"Amigo are not like Wonga, they are not a payday lender. The rate you would get at Amigo (49%) is only slightly more than most overdrafts from highstreet banks".
In reply: I know that and I actually feel that Amigo offer a valuable service. The fault lies here with consumers who are happy to take the cash ( the blame society ) and claims management companies. To me if you sign the contract and take the money you pay back or the guarantor pays back. I am just stating that I think the politicians are happier for companies like Amigo to fail and go into administration and use the FCA and the courts as a way of ensuring that happens. The chances of this falling and going into administration is very high. It is a high risk but equally high reward investment. GG
Amigo are not like Wonga, they are not a payday lender. The rate you would get at Amigo (49%) is only slightly more than most overdrafts from hughstreet banks.
I just dont think the FCA and more importantly the government and politicians have any appetite whatsoever for high interest payday lenders to succeed and prosper. This is one of the major difficulties Amigo has long terms amongst many others. I believe if Labour were to obtain power ( I know that is very unlikely at the moment unless a change of leadership to someone like Andy Burnham ) then Amigo would be massively regulated if allowed to trade at all.
This is a tweet from Stella Creasy ( Prominent Labour MP )
Wongas customers need to be first in queue for protection for the administrators - and believe me amigo loans, Vanquis, Oakum et al...you are all in my sightline to hunt down… https://instagram.com/p/BnHBnd2g0V3/
There lies the root of the problems. The market is massive and Britain has huge debt but are the powers that be going to allow companies like Amigo loans to trade or are they going to pressure the FCA and judges to close them down. GG
under the scheme the judge would obviously know that its approval would generate upwards trajectory of the share price so I don't think the FCA letter was a factor
Yes sorry Paul you are correct, thats what I am referring too....
I agree with you maverick but just to be clear they never gave a letter of non objection... they always stated that they don't approve of the SOA but would not object at court... until 1 week before the court date they changed their approach...
for me this just proves that they aren't proactive
https://www.moneymarketing.co.uk/news/lcf-debacle-must-trigger-shift-in-fca-leadership-mps-says/
The Gloster report highlights is also interesting....
https://bondreview.co.uk/2020/12/21/takeaways-from-the-gloster-report-into-the-collapse-of-london-capital-and-finance/
For me the FCA manipulated the market, the letter of no objection sent the SP climbing to 25p, they knew the judge wouldn’t approve at that price as the shareholders would make millions as the creditors lost out…
I like this part...
His committee has suggested that the FCA needed set a clear date for completing changes that would move the culture on so the FCA is a more proactive and agile regulator.
If the FCA was proactive we wouldn't have wasted 6 months on the original SOA... they should be proactive and engaging with Amigo and certainly didn't feel this was the case in SOA 1.
Investors in LCF let down by FCA and investors in Amgo let down by FCA. Both products approved and supported by FCA at one stage … a certain synergy I think.
Anyhoo …. Those big Friday and Monday trades should produce a Tr1 if they are existing holders today or tomorrow. Interesting if they are and funding waivers expire tomorrow so either way we should see some activity over the next couple of sessions.