FCA censures Amigo for affordability failings

Last week, the FCA issued a final notice in which they publicly censured Amigo Loans Ltd for failing to conduct adequate affordability checks on their borrowers and guarantors. The failings relate to business conducted between November 2018 and March 2020. The FCA state that, had it not been for the current distressed financial position of the firm, they would have imposed a fine in excess of £72 million.

Source: FCA