FTSE 100 live: London markets close lower on strong pound ahead of Fed and ECB next week FTSE Markets in London closed lower on Friday as a stronger pound and uncertainty over the global economy weighed on investor sentiment. The FTSE 100 closed 0.5 per cent lower while the FTSE 250 finished the week 0.1 per cent lower. Caution was the watchword in London today ahead of next week, which will be big [...]
Lifeline for Amigo? Shares in subprime lender rocket on potential investment from shareholder Amigo Loans Shares in Amigo surged after it agreed an exclusivity agreement with shareholder and financier Michael Fleming, raising the possibility of a debt investment in the subprime lender. Exclusivity agreements mean borrowers can not obtain funds from any other source. Fleming’s period of exclusivity expires on 6 September this year. Its shares were trading over 200 [...]
Amigo boss resigns as subprime lender continues wind down Danny Malone The chief executive and director of controversial subprime lender Amigo resigned from his role yesterday as the firm continues its wind down. Danny Malone, who joined Amigo last year, will step down after serving his 6-month notice period to ensure “the continuation of the solvent and orderly wind-down of the business”. Malone said he joined [...]
High-cost lenders pose ‘increased’ risk as cost of living rises, FCA warns October 6, 2022 High cost lenders need to tighten their lending criteria as cash-strapped Brits turn to debt to cope with the rising cost of living, the financial watchdog has warned.
Amigo Loans cuts ties with KPMG following ‘competitive tender’ September 5, 2022 Amigo Loans has cut ties with KPMG in appointing mid-tier accountancy firm MHA MacIntyre Hudson as its new auditor. The subprime lender said in a statement it had appointed MHA MacIntyre Hudson as its new auditor after the accounting firm won a competitive tender for the contract to audit Amigo’s accounts. KPMG said in a [...]
Amigo customer base halves despite promises to return to lending August 25, 2022 Amigo’s customer base has halved over the past year, despite promises it will return to lending by February next year and undergo a capital raise. The beleaguered lender, which stopped lending in 2020 in order to deal with mis-selling complaints, has also had its revenue plummet nearly 70 per cent in the three months to [...]
Beleaguered Amigo Loans say it has ‘learnt the lessons of the past’ as it gears up for lending July 8, 2022 `The boss of beleaguered lender Amigo said it had “learnt the lessons of the past” today as it looks to resume lending again after a two-year hiatus.
Subprime lender Amigo Loans launches new loan product after learning from ‘mistakes of the past’ June 28, 2022 Payday lender Amigo Loans has said it has “learnt the lesson from the past” ahead of the launch of a new guarantor loan product for “underserved” customers. The Bournemouth firm is set to offer customers two new loan products after it was blocked from trading by the UK’s financial watchdog in March 2020. The new [...]
Beleaguered Amigo Loans makes interim finance chief permanent in attempt to leave near-fatal woes behind June 7, 2022 Amigo Loans confirmed to City A.M. that Danny Malone will join its Board as the company’s new chief financial officer, and as an executive director. His appointment as an Executive Director is subject to approval under the Senior Managers’ Regime, by the Financial Conduct Authority. Malone has been acting as Interim CFO since February 2022. “Danny [...]
Watchdog gives Amigo Loans green light to resume lending following customer compensation backlash March 7, 2022 Shares in the sub-prime lender Amigo Loans soared as much as 81 per cent this Monday after a financial regulator said the firm could resume lending subject to conditions and if its new business rescue plan was approved by the High Court. Amigo’s stock took a beating last year after the High Court stated that it [...]