Amigo Loans has confirmed that it will not be appealing the recent Court judgment and is engaging with the Financial Conduct Authority (“FCA”) to identify an appropriate way forward – this could result in a revised scheme of arrangement being proposed, or to it entering into insolvency.
In the meantime, we understand Amigo continues to pause on paying compensation to consumers. This because of what the Court described as an “informal moratorium” on complaint handling and the payment of compensation, allowed by the FCA whilst Amigo developed its scheme and whilst it now considers its next steps.
This means that even if we were to now start investigating complaints about Amigo again, we understand it wouldn’t pay any compensation we awarded. So we’re continuing to pause progressing complaints about Amigo, and we will not be taking on any new cases.
More information can be found on Amigo’s scheme website and also on the FCA’s website. We will continue to monitor the situation and will update our website if the position changes.