RE: BBC: Public turn to Loan Sharks27 Feb 2021 11:09
How did you arrive at £15m versus the previously disclosed provision of £159m?
The complaints provision of £159m was as at 30 September 2020. We have paid and are continuing to make payments to customers who received Final Response Letters or who had FOS upheld decisions dated before 21 December 2020, as well as some related complaints administrative costs. We expect the majority of the unutilised provision to be used in redress delivered via balance adjustments on existing loans. The £15-£35m cash contribution to the Scheme is expected to be used to make a payment under the terms of the Scheme to past customers who have already paid off their Amigo loans or where an existing customer’s outstanding balance is less than redress owed. The Scheme fund will also be used to make a payment to the FOS in respect of outstanding case fees for dealing with complaints, which are also included in the Scheme. Payments are not expected to be paid in full and will be pro rata between customers and the FOS.
copy and paste.