Amigo Loans

The Financial Conduct Authority (FCA) has publicly censured Amigo Loans Ltd (Amigo) for failing to conduct adequate affordability checks on borrowers and guarantors.

Money lender Amigo Loans has warned that it may not survive after setting aside £345 million for mis-selling claims. The company, which offers money to those with poor credit ratings, also revealed that its annual losses rose to £284m, compared with £38m in 2020.