Amigo Holdings PLC - peer-to-peer lender - Updates on amended voluntary requirement, or VReq, with UK's Financial Conduct Authority. Says as of October 30, Amigo reached a decision on all 25,571 complaints but yet to issue final response to 2,517 customers of those complaints. Says outstanding complaints refer to group of complaints where "significant guarantor payments on a loan have been a feature". "The methodology for calculating redress for this specific group of complaints is being discussed with the FCA," Amigo says. Says number of complaints still rising and expects provision for these to rise to GBP150 million from GBP116.4 million in first-quarter, leading to profit and loss charge of GBP85 million. Hoping to restart lending soon but does not forecast being able to before 2021.
Current stock price: 6.69 down 22% on Tuesday
Year-to-date change: down 90%
By Eric Cunha; ericcunha@alliancenews.com
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