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............proposed scheme of arrangement
Amigo Loans’ application to implement a scheme of arrangement (the 'Scheme') was heard at the High Court yesterday. Prior to the court hearing, we made Amigo Loans aware that the FCA did not support the Scheme and set out our concerns with the Scheme in a letter. The letter of concerns provided by the FCA to Amigo Loans was referred to during the court proceedings.
In the interests of transparency and giving all scheme creditors and wider stakeholders an opportunity to better understand the FCA’s position, we have today published our letter of concerns.
Source: FCA News
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(a) customers with valid redress claims stand to receive significantly less than
the value of their claims; and
(b) the methodology for assessing claims does not produce outcomes with the
same high standards of accuracy and fairness as would be available under
the FCA's usual framework of complaint handling rules for firms or through
recourse to the Financial Ombudsman Service.