0 £0.00
This item was added to your basket

Dear visitor,
You are viewing 1 of your 1 free articles


We’ve invested in our content to provide more news, analysis, features, interviews and opinions across a wide range of Credit and Financial Services. Register now to access more of the trustworthy, insightful information that’s on offer.

Register now or Login

FCA tells Amigo Loans to better explain risk to guarantors

The Financial Conduct Authority (FCA) has told guarantor loans lender Amigo Loans it must more clearly explain the risks to people when they agree to act as a guarantor for a friend or family member.

Share on LinkedInShare on TwittereCard

It comes after the regulator undertook a review of Amigo to “better understand the role of guarantor”.

 

The review focused on the information made available to potential guarantors and how sufficient this is to ensure potential guarantors reach an informed decision ahead of becoming a guarantor.

 

The feedback Amigo received from the FCA has not raised concerns with the guarantor loan product itself, nor made comments about its underlying business model, the lender said.

 

In a statement to the London Stock Exchange, Amigo said the review identified areas where its customer journey could be enhanced, including “increasing the explanation of key information provided to potential guarantors” and increasing disclosure on the likelihood that guarantors could be called to make payments.

 

Amigo chief executive Hamish Paton said: "We are grateful for the significant amount of time and effort that the FCA has committed to the Review and we take on board all of the improvements they have identified. These will be good for customers and other stakeholders, and further reinforce our strategy of doing the right thing for all our borrowers and guarantors."

Share on LinkedInShare on TwittereCard
Add New Comment
You must be logged in to comment. Login or Register to access enhanced features of the website.

LATEST INDUSTRY NEWS STRAIGHT TO YOUR INBOX

READ NEXT

Future of consumer credit “still uncertain” despite decisive election

Future of consumer credit “still uncertain” despite decisive election

Election: Government urged to make firms provide financial MOTs

Election: Government urged to make firms provide financial MOTs

Get your company culture right at the Credit Summit

Get your company culture right at the Credit Summit

Upcoming events

Credit Summit

Credit Strategy
LinkedIn page

Member of

Did you find our website useful?

Thank you for your input

Thank you for your feedback

creditstrategy.co.uk – an online news and information service for the UK’s commercial and consumer credit industry. creditstrategy.co.uk is published by Shard Financial Media Limited, registered in England & Wales as 5481132, Axe & Bottle Court, 70 Newcomen St, London, SE1 1YT. All rights reserved. Credit Strategy is committed to diversity in the workplace.
@ Copyright Shard Media Group