Opinion22 Dec 2020 15:15
Sorry have not been reading all the below posts, but I readd yesterdays message as extremely positive, in fact if this is approved by the FCA the rerate will begin. My reasons are:
1) FCA is paid alot of fees by Amigo (something like 1.5% of turnover) so if Amoigo fails they will lose alot of fees
2) FCA/FOS represent the consumers so if they do not agree to this there is a chance consumers will lose out on comp
3)This will not suit CMC's as they will suddenly be fighting over a limited pot of money, Amigo could then agree to contact consumers they conisder ones they have misold to, and offer them compensation (again its the same pot), but this will also lower CMC's ability to monetise from Amigo's mis selling as well as FOS fees.
4) Board members (and their family) have recently bought shares, unlikely they would have had they not been more confident of this outcome - it happened weeks ago, and this plan would surely have been hatched earlier than the share purchases.
5) There is an ex FCA board member on Amigo's board, who presumably knows what the FCA are more likely to agree to
6) It makes complete sense for a company that has had its knuckles rapped and forced to introduce tighter measures around customers and affordability checks to be allowed to grow, as you can be assured compliance will be top of every Exco's agenda, and the FCA should consider them a better loan provider for the hoards of cash strapped customers there are surely out there, than a new kid on the block company, started up to fill the void left by Amigo (a JB'esque type organisation).
Sign In
Follow the stocks
