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While 74,877 of its creditors voted in favour of the scheme last week, compared with just 3,863 against, the proposal was thrown into doubt after the Financial Conduct Authority made a surprise decision to object to the scheme in court. The move spooked investors hoping the scheme would draw a line under expensive mis-selling claims.
It marked a U-turn for the regulator, which in March said that it would not oppose the plan despite concerns over how mis-selling complaints would be assessed by the company and a cap on payouts. However, the FCA presented those concerns during the final court hearing on Wednesday.I think the judge must take into consideration how the FCA backtracked on what they were saying before the final court case.
I have to say this is not a boring share to be involved in!!!! My head is rattling with everything that is going on and I haven’t a clue which way it is going to go for us.very big thanks to ISA for yesterday much appreciated thank you.
The FCA have been hammered by MPs and media for months and needed their day in court.I am sure they don’t want Amigo to fold but had to show face show they were in charge.All this talk of emails to judge is farcical he will rule on the law.We have to hope Amigo and the FCA are in talks and a sensible outcome can be sorted between them.good luck all.
The FCA are being spanked by the government for being to soft on Amigo.They have to look like they are in authority for their own sake.I think negotiations will have been ongoing and a 95% vote in favour is massive for Amigo2. This is going through no problems at all. Good luck everybody.