Final Notice 2023: Amigo Loans Ltd

* Amigo Loans Ltd failed to adequately assess customers' ability to afford loans, breaching FCA principles for skill, care, diligence, management, and acting in customers' interests. The firm's systems, controls, and governance were insufficient, leading to widespread unaffordable lending and harm to both borrowers and guarantors. * The FCA imposed a financial penalty of £nil, reduced from a notional £72,900,000 due to Amigo's serious financial hardship and the need to preserve funds for its customer redress scheme. * No remediation requirements stated in this notice. The FCA noted Amigo's existing High Court-approved scheme of arrangement, which aims to provide redress to customers who were mis-sold loans.