Sub-prime lender Amigo dodges £73m fine despite risk to consumers

Financial Conduct Authority finds the lender failed to assess whether customers could repay loans

The sub-prime lender Amigo has dodged a £73m fine despite having put consumers at a “high risk” of harm, amid fears that the financial penalty could have led to its collapse.

The Financial Conduct Authority (FCA) investigation found Amigo put business interests ahead of its customers, by failing to properly assess whether customers, or their guarantors, could afford to repay loans they applied for – noting faults in both its automated tech and human oversight between November 2018 and March 2020.