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The boss of beleaguered subprime lender Amigo Loans, Gary Jennison, was remorseful this morning when he said his company had “learned the lessons of the past” from its run-in with the Financial Conduct Authority (FCA).

Amigo Holdings, based in Bournemouth, voluntarily stopped lending two years ago in 2020 and later faced complaints of mis-selling.

Jennison quickly clarified that it was his company The £170m profit was effectively an anomaly following a recent court hearing which set out the compensation scheme Amigo will pass on to affected customers.

The company made pre-tax profits of £167.9m for the full financial year to March 31, an increase of almost 160% on the same period last year, when Amigo’s loss was £283.6m.

Jennison said the business is working with the FCA as it prepares to start lending again after a long hiatus.

Amigo is set to return to the market later this year with a credit product called RewardRate. The personal loan rate starts at 49.9% per annum, and the guarantee product starts at 39.9% per annum.

“As a company, we have learned the lessons of the past,” he said.

“Our management team has changed the culture of the company and we have developed new loan products.

“There are not enough providers left in the non-standard lending sector and we believe it is vital that there is a fair and responsible offer to help the millions of adults in the UK who cannot get a loan from a conventional lender,” he said. added.

My Amiga has now introduced a so-called “culture of open and constructive feedback, both downward and upward”.“.

It said it would help make the business known for responsible and transparent decision-making, and that employees would be encouraged to have a say through regular surveys and an engagement program implemented this year from board level down.

https://www.standard.co.uk/business/amigo-loans-learns-lessons-from-fca-run-in-b1011066.html

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