The FCA has published a letter[1] sent to Amigo Loans which approves its request to start lending again, on a pilot basis.
The FCA has made it clear it expects Amigo to lend in a way which delivers good consumer outcomes. The FCA recognises the significant programme of change the firm is undertaking to deliver improvements to the way in which its business operates. The lending pilot will enable the firm to test its updated approach, policies and procedures in a controlled environment and demonstrate that its new systems and controls meet our expectations and deliver good outcomes for consumers.
We have published the letter in the interests of transparency and to allow better understanding of the FCA’s position.