Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Neil. Thank you very much for your comprehensive response and I admit that I agree with much of your post. I do, however, believe that the seniment in that article albeit it being some time ago is still relevant today. I believe that Gary and his team are working hard to turnaround Amigo by doing the right thing in fixing compaints and improving the relationship with the FCA. If this can be done and Amigo can start relending then I think Amigo will have a great future ahead of it aswell as providing a valuable product to its customers who are currently excluded from mainstream lending. All the best to you and your investments.
I've read several times that Mubadala are the largest shareholders in Amigo. I don't doubt it. But can anyone point me to were it states that on the Amigoplc website. I've looked and can't find it. I'm sure its just me not knowing where to look!
Review into change and innovation in the unsecured credit market (the Woolard Review)
First published: 23/10/2020 Last updated: 02/11/2020 See all updates
Information about our review of unsecured credit market regulation, chaired by Christopher Woolard.
In September 2020, the FCA Board asked Christopher Woolard to review change and innovation in the unsecured credit market and to report to them in early 2021.
The review will concentrate on how regulation can better support a healthy unsecured lending market. It will take into account the impact of coronavirus (Covid-19) on employment security and credit scores, changes in business models and new developments in unsecured lending, including the growth of unregulated products in retail and the workplace.
The review seeks the views of participants in this market including consumers, firms and their representatives. There will be opportunities to participate in roundtables and respond to a call for input (CFI). The CFI was published on 2 November 2020 and there are more details on the roundtables at the bottom of this page.
Scope of the review
The terms of reference for the review are:
To examine the current state of the unsecured credit market in the UK including the component parts, recent changes in size and scale, whether in regulated or in adjacent unregulated products.
To examine changes in regulation, noting those areas that have been subject to regulatory oversight in recent years from a variety of bodies including the FCA (for example overdrafts or high cost credit), and comparing likely harms or dynamic effects seen in those areas.
To examine the immediate effect of coronavirus on demand for unsecured credit and on the role of credit information.
To report on possible trends and potential future pressures.
To identify areas of growth in demand from consumers for credit including from non-traditional providers of credit.
To present an assessment of the benefits and harms evident in the market and those that may be expected as the market develops.
To compare international approaches to these issues where relevant.
To make conclusions and recommendations to the FCA Board on management of harms in this sector; gaps in understanding or data; potential changes in regulation for the FCA to consider; advice on potential changes to the overall system the FCA may wish to consider with other authorities or the Government; and possible innovations to support a sustainable market.
I emailed Amigo to try and ascertain if they were planning to restart lending before the SOA was agreed or confirmed but the response was non-commital!
Dear Mr xxx,
Thank you for your email. We have said that we intend to restart lending early in 2021 (Q1 calendar year). This may occur alongside the SOA process.
Kind regards,
Kate.