The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
Skier...
you are right we are naive... I'm going to complain to AJ Bell, Amigo and FCA as I should have had some legal advice before investing...
Just ask yourself who wins if it does go into administration and who would be naive then... would it be the FCA?
considering that Provident are pulling out of sub prime lending and if Amigo goes bust then who are these people going to go to when they need help? the market is reducing but the population needing it is increasing... perhaps that's me just being naive... trot on Skier
From the court case last week for me the comment by the FCA wipe out shareholders just goes against what the FCA is there for... in 2013 the FCA strengthened its policies to protect shareholders yet they whimsically turn up at the final minute and state wipe out shareholders... active engagement is the first line of this policy review... if that is what they expect of companies surely they should lead by example... what engagement have they had yet they throw that statement out... shocking!!
https://www.fca.org.uk/news/press-releases/fca-strengthens-listing-rules-enhance-protection-shareholders
Pants... you may be right but looking at the 5min chart yesterday there was 3 lots of 15m+ buy vol which in total was about 55m which is almost 12% of the business... I’m no expert but that doesn’t look like an II selling...
my point is you are isolating Amigo... your crusade should be against all Financial Services and you are using vulnerability as the point...
What are your thoughts on Impairment... some individuals will willingly take a loan and not pay back... that bumps up the cost of lending for everyone fitting your financial profile...
There are 2 sides to every story... The FCA conducted a review earlier this year that even states that Sub Prime Lending is required to support the financially excluded...
Hold on Truthfactory... does that mean that anybody that has an Overdraft at 40%+ are vulnerable...
Also I think you then need to consider that they are asking for a loan... did Lloyds, Barclays, HSBC etc offer them a loan? if not why not?
you say taking these ridiculous loans... what are you wanting for the 12m people in the UK that need/rely on this form of sub prime lending... could it not be possible some a customers have taken Sub Prime Loans, improved their credit scores and been able to revert back to mainstream lending... are they still ridiculous loans?
But the FCA would be letting themselves down if they force Amigo into Admin, that way Creditors get nothing... that is worth repeating they get nothing even though 95% voted for it.
Imagine the complaints that would be raised and put forward to MPs by creditors and shareholders regarding the FCA stubborn approach...
The FCA are there to regulate, that means create guardrails, engage with firms and work with them on behalf of the consumer
Sly,
your first post on here was 11th May following the FCA RNS... you stated its the time to open your short position... I hope you have and we will see who is happy with the outcome tomorrow...
just thought it may be useful for people to understand why all of your posts are channeled to one aspect... crashing the price!
Good Luck tomorrow
For me this means that there is room for manoeuvre on the payout options... change in terms to LTIP and also increase in pot allocation either more money or bigger % all of which I am comfortable with... the big point for me is it passes nobody benefits from administration.
this for me doesn't mean another creditor vote it just means the terms are better for them.
ISA this was taken from your notes which I think backs up what you are saying:
Judge now discussing pennies in the pound in redress payments, starting with 10p in the £ but increasing with profit share. Says it is not his function to consider the merits of the scheme today. Notes the FCA do not support the scheme. Further notes that the letter concludes with the repetition that this should go to vote [to paraphrase]. FCA have not asked the court to step in at this stage.
That’s an easy one ginger it’s on the FOS website
https://www.financial-ombudsman.org.uk/search?Search=Amigo&Captcha=&Captcha_Timestamp=1621153047&action_sendSearchForm=Go
Just remember you will never get 100% turn out... Local election turn out was 35% you would be lucky to get even close to that when 2/3 of the audience are past customers so contact details will be out of date.
Can we just remember the FCA are the regulator... they ensure Firms are operating within fit and proper guidance... they can impose fines but can't tell companies to do RIs
Amigo is not RR or IAG who have significantly different Market Caps and stock holders so really shouldn't be used as comparisons to Amigo and its SOA.
My last point would be Shareholders are without Dividends and potentially giving up 15% of profits to fund the SOA... is this not Shareholders digging deep...
Seriously Toppy what's your beef?
Surely if you are on this board you have some interest in the share which is the purpose of the BB... it just seems your posts aren't anyway relevant to Amigo and are more based on personal attacks...