Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
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405 Gabriel! I stand corrected...only 297 of them are on LinkedIn...including an inhouse chef! Well they need to keep their strength up! Maybe they're all chained to the desk slurping on a very watery minestrone. GJ meanwhile, is stomping up and down the aisle.."I don't get care if they've lost their job or if granny just died, get the mothaf£ckin moolah out of them, NOW" But what about the FCA sir? "You leave these pieces of sh"t to me, understood". yes sir.
FrankyS1971
HaHaHa
Speaking of the Irishman, I think including Amigo in Ireland the annual report mentioned that Amigo has 405 members of staff!
I agree. They don't exist to put firms out of business. They're alleged big principle is to "act proportionally" when fining and regulating businesses and putting a firm into administration with 300+ people losing their jobs is not one of them. I would like to press the fast forward button and watch the last 10 minutes of the movie as I feel we're about 10 minutes into "The Irishman" right now:-))
Hi Franky, well most people applying for a loan of this interest rate would surely be in a stressed state of mind. . . I know I certainly would . I agree genuine complaints should be upheld and paid out. . . Grey, its a balanced view of taking the FOS decision and paying the fee or paying out, finally the dodgy ones should be sifted out ....I would like to see a counter claim by Amigo to all those claims that are not true. Amigo should not be in the position of taking it up the rear, without an "I love you" and having to pay for the privilege.
Franky
I could not agree more.
Having watched the Interview with Gary.
My instinct is that the FCA (Often portrayed as the bad guys) are actually working hand in hand with amigo to execute this turnaround and to commence lending "In Short Order".
Lets remember that the CMC's also fall under FCA regulatory supervision. As unintended beneficiaries of the rules , the FCA has exasperated the problem which they will be resolving with a 3 way negotiation no doubt. The CMC's will not be impervious to the investigation and I'd like to see remedial action taken whereby spurious claims trigger a payment back to Amigo by the CMC! That would be fair would it not, given the resource internally it take and the costs?? How can you have Amigo fined for not testing and challenging the affordability to the Nth and yet the CMC can ask " so did you feel under pressure...you must have been upset right?? And you must have been stressed as well is that right???...TEST THAT!!! Ha! Its not hard to see that the balance here is totally wrong and therefore I have faith that the FCA have identified this issue and will be working with all parties to find an acceptable solution that protects GENUINE cliamants. We have to use instinct where numbers don't really exist and this is mine. I have faith that the FCA will reach a balanced outcome.
The large complaint volumes in this sector are justified on the basis that lending in this sector is based upon a four tier rating system for bad creditors which has been manipulated.
(1 -2) Should be the bracket these companies operate in. People with a bad credit history but a partial history of making payments that are affordable and on time
3 - Debatable and requires extensive research to evaluate affordability
4 - Undisputable inability to pay under any circumstances
The companies in this sector have been granting loans to tier 3/4 . They have done this because they concentrate more on the guarantors affordability. knowing full well that they can mitigate risk.
They also know there are major delays and in some cases, pay day loans etc not appearing on credit reports.
The additional FOS issue related to loan Top ups. Using previous data to grant loans without checking the changes in circumstaances and how that impacts affordability.
Replacing loans half way through. Paying off the lower insterest loan and replacing it with a new loan wherby the interest is at its maximum.
One wonders why someone with bad credit history gets a loan to repair credit history, then needs another loan during the original term. Whilst its not true for most cases, it points in alot of cases towards an inability to manage finance effectivly and the top up is probably being used to to pay off other debt
Let’s hope so, that’s why I’m in here :)
Kozz
JB's argument is historical, I was referring to the current statement (Not Argument) made by Gary Jennison:
"We do absolutely everything properly, I am convinced that anybody who says we don't do proper affordability, Is saying that because they don't know what we do and how we do it"
https://www.amigoplc.com/investors/messages-from-our-ceo
A pretty bold statement, which to me suggests that after working closely with the FCA that they are currently now working " inline with the FCA's guidance ".
Ready to commence lending...
Goalposts have moved, but it's not because the rules have changed. Recent high court judgment says expectations on affordability have remained broadly the same since 2010 (with some tweaks / updates).
I think what's changed is the FOS approach. Looking at old decisions, they used to say if monthly repayment and total cost of loan were made clear and they asked a few basic questions, that was enough. It was up to the borrower whether to take the loan. But now they're holding Amigo to specific rules, which have always required them to do more than that.
It is definitely unfair on Amigo, who has done business over the years believing it was doing what FOS thought was fair. But our difficulty is that FOS approach is consistent with the rules. I think that's why BOD have struggled to find grounds for JR.
I also heard Gary say we do everything properly. If Gary is right, he needs to get in front of FOS sharpish and show them how our checks have worked. We can't have an 87% uphold rate if Gary is right.
Simply Wall Street puts the “Fair Value” at 93p, but I’ve seen others ref £1.75.
I’m holding for 50p+
Successful claims will be for interest already paid, plus 8%pa! So yes Amigo will be paying money out.
Cardinal59
Absolutely agree.
The genuine claims will only affect the interest.
In reality, if these claims have not yet reached the stage where they are paying off the interest, surely the company just writes off the Interest rather than having to make a physical payment to them?
I am quietly confident that the actual successful (Genuine) claims will be much lower than they have budgeted for in the annual report.
Perhaps by as much as 50 to 75%
With the FCA on board & in full support of dismissing bogus claims
In line is subjective Gabriel, that’s the exact argument JB had, these loans were in line, then the goal posts moved.
Seamus
Kozz
I really think that the FCA are aware of these bogus claims.
Gary was quite confident in his recent statement when he's said:
"We do absolutely everything properly, I am convinced that anybody who says we don't do proper affordability, Is saying that because they don't know what we do and how we do it"
A pretty bold statement I thought, in line with having already being " inline with the FCA's guidance"
Seamus
I really liked his statement too that the "CMC's were behaving like vultures", and believe the FCA have looked at this and this is part of the overall turnaround strategy.
Gary clearly stated inn the interview "A lot of these claims are not genuine claims".
Admittedly it is hard to quantify what "A lot of these claims" means in terms of numbers.
But in my mind that suggests more than 50%!
I have a feeling that Amigo and the FCA are on to these scammers and would not be surprised at all if the genuine claims are only 25% to 40% of those submitted and the FCA are aware of this and supporting Gary in this turnaround effort.
Spot on Seamus
Gabriel your comments regarding Martin Lewis are absolutely correct. However im interested in this part of his section on how much can i claim:
You won't get the original loan amount refunded.
You will still have to pay the original loan amount back, since you have already benefited from the loan itself. If you've missed payments or are still only partway through your loan, you may still be left with an outstanding balance, which you will be required to pay.
That could lead some claimants withdrawing their claims Have i got this right ??
Gabriel
As much as I agree that we need to stop paying out to chancers (and yes it makes me angry), we sort of can't blame them for trying as the likes of Marin Lewis are their heroe and if he says go for it they will. It is the general message of "its worth ago" is what's wrong and that steams from CMC and the likes of ML. The FCA should also be looking at this in my opinion as they should want to protect the actual businesses providing a service in their sector and not just lie down, fearing more backlash and sullied reputation if they don't
It's about time the word scam also reflected those that try and claim without cause
what needs to happen is clearer rules and those rules then need to be put in place
Gabriel, not sure how you relate loans with complaints, apart from that the process around affordability checks needs to be proved to be in line with FCAs guidance.
IMO Complaints increased because amigo weren’t challenging them, and once CMCs saw that. The CMCs also bear no cost for any complaints moving through to FOS, were the FCAs guidance / policing is weak and appear limited to disapproval as CMCs also need FCA regulation.
Cardinal59
Top of the morning to you!
I am also extremely shocked how Martin Lewis has jumped on the bandwagon through his "Money Saving Expert" Site.
He more than anyone should encourage people to maintain their credit rating in a healthy state.
Specifically facing the recovery which could last years.
Any opportunistic claims, which it would appear that he has encouraged.
Will be the nail in the coffin on their Credit Rating.
Not necessarily what Martin (The Money Saving Expert) should be encouraging?
As their opportunities for Re Lending due to their already poor credit score will cost them a lot more in the immediate future.
Thats if they have anywhere to turn to after filing a claim with Amigo.
I sincerely hope Amigo has a "Blacklist" for the opportunistic claims that have been made.
Morning Gabriel very quiet here this morning expected more comments after last nights contributions.
You make a excellent point regarding opportunists & burning bridges
I like that point.
Viking818
itisagame
The loan suspension is quite possibly caused the increase in claims.
I wonder how many complaints will fizzle out once lending restarts?
I suspect many of these opportunists will think twice about burning bridges & have only put in a complaint because there is no chance of them getting a second loan with lending suspended!
I doubt you will be able to discriminate or refuse an application due to a previous claim. The claim is just and fair according to FSA and they are king. Tbf, I hope they do get another loan with proper lending in place, this time amgo can make some money off them!!
That’s the problem with society when you give people a free ride once, they expect a free ride everywhere all Of the time, just look at the whole benefits culture and the furlough payments people claim it once and they want it forever.
Claiming to be uneducated to the downside of your own actions is no excuse or defence, but they Currently get away with it.