Member Info for Maverick12

I guess the question is :- what impact will todays decision have on Amigo & the sector !

All eyes on Provident today......
I believe the SOA will get passed today, even though they have plenty of money for re-dress in the other area of the business....But because they are closing down the consumer credit sector the FCA believe it will have no impact on the SP & that the customers will get nothing without sanctioning the SOA...lets see what happens

The Scheme Meeting was held today and PFG is pleased to announce that c.98.3% by number and c.98.1% by value of the creditors who attended and voted at the Scheme Meeting, in person or by proxy, voted in favour of the Scheme. In absolute terms, over 428,000 of the approximately 4.2m creditors affected by the Scheme voted at the Scheme Meeting. Of these, approximately 420,000 voted in favour of the Scheme, while approximately 7,500 voted against.

The Scheme requires more than 50% of all creditors by number who vote on the Scheme to vote in favour, and the total value of their claims to represent at least 75% of the value of the claims of all creditors who vote. These thresholds have been met and consequently the Scheme has been approved by the creditors.

The Scheme will now be considered by the High Court at the sanction hearing on 30 July 2021, where the Court will either approve the Scheme or not. The judgment from the sanction hearing may be handed down either on the day of the hearing or a number of days later. The result of the sanction hearing will be announced as soon as possible after the judgment is received.

Jake Ranson
Why join? Put simply, for the chance to be part of an entirely new executive team, assembled with a common goal of delivering a transformed business redesigned to deliver positive societal impact.

The 'Amigo 2.0' product suite referred to in the article will be unrecognisable from the historic model. New loan products, Open Banking enabled journeys, dynamic pricing and customer value features are being built to create a ladder out of exclusion into mainstream. It's an exciting project to be a part of and thanks to the team for such a warm welcome.

Amgo making steady progress....
* New Bod member Jake Ranson.
* Two director approved by the FCA last week.
* Plus todays article in the Times.
Could this be the start of a rich period of news flow !

The FCA definitely encouraged the price to rise by not opposing the SOA at the 1st court case and then used the rise as part of their case against the agreement.....

Any shareholders who bought over 15p are now holding at 8-9p have suffered from that.....

https://www.transparencytaskforce.org/ttf-press-release-5th-july-2021/

Jake Ranson - Chief Customer Officer & Candice Openshaw - Head of HR.......Two high profile appointments by a company preparing for the future.

Jake looks a great appointment, well done Gary

Amgo will move with the times and introduce new digital products....

The Financial Times asks "Is the Financial Ombudsman getting it right?"

With cases costing the companies £650 I'd argue they should be doing much better.

But then again, when the Financial Ombudsman Service makes decisions on opinions rather than regulatory fact, no wonder frivolous claims and ambulance chasing CMCs get so busy.
https://www.ft.com/content/6896a60f-51c5-43bc-b1b7-9192a4eeea7c

“By deliberately limiting the grounds upon which compensation will be payable without any legal basis, the FCA cannot be fulfilling its objective to secure ‘an appropriate degree of protection for consumers’. On the contrary, the FCA appears to be eroding the legitimate interests of consumers.

“The unfair treatment of the LCF Investors is an unfortunate – but not unforeseeable – consequence of the actions of the FCA to introduce fundamental legislative change.”
https://international-adviser.com/redress-for-victims-impossible-under-fca-compensation-changes/

https://www.moneymarketing.co.uk/news/mps-lcf-report-too-soft-on-fca-campaigners-say/

Yep happy with that, well done Gary...

Amigo should do a Provident... blag it, by introducing a Vanquis credit card which is very profitable and doesn't require a guarantor.

39.9% APR
* To build your credit rating and to be considered for credit limit increases, use your card sensibly, stay within your credit limit and pay your monthly minimum payment on time. Not doing so could harm your credit rating and make obtaining credit more difficult.

A Vanquis Credit Card is designed to help you improve your credit score
Join over 4 million customers already on their journey

https://www.youtube.com/watch?v=LXMmUAXgMME

https://www.finextra.com/pressarticle/88267/parliamentary-committe-calls-for-change-in-fca-culture-to-protect-consumers-and-markets?

Yes sorry Paul you are correct, thats what I am referring too....

https://www.moneymarketing.co.uk/news/lcf-debacle-must-trigger-shift-in-fca-leadership-mps-says/

The Gloster report highlights is also interesting....
https://bondreview.co.uk/2020/12/21/takeaways-from-the-gloster-report-into-the-collapse-of-london-capital-and-finance/