Business
Update on Complaints and Complaints VReq with FCA
Update on Complaints and Complaints VReq with FCA.
About this update from Amigo Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0214E\n Amigo Holdings PLC\n 03 November 2020\n \n \n \n \n \n NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION\n \n \n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n \n \n \n \n \n FOR IMMEDIATE RELEASE\n \n \n \n \n \n 3 November\n 2020\n \n \n \n \n \n \n \n \n Amigo Holdings PLC\n \n \n (\"Amigo\" or the \"Company\")\n \n \n \n \n \n Update on Complaints and Complaints Voluntary Requirement with FCA\n \n \n \n \n \n Amigo is today providing an update on complaints and the progress made with the Voluntary Requirement ('VReq') related to complaints announced on 3 July 2020. \n \n \n \n \n \n Complaints VReq\n \n \n Under the terms of the Complaints VReq, Amigo agreed with the Financial Conduct Authority (the 'FCA') to reach a position by 30 October 2020 where all complaints were dealt with within the defined regulatory period of eight weeks. \n A total of 25,571 complaints were subject to the requirements of the VReq. \n \n \n \n \n \n As of 30 October 2020, Amigo had reviewed and reached a decision on \n all 25,571 of the complaints included within the VReq. Amigo has yet to issue the final responses to customers on 2,517 of those complaints.\n \n \n \n \n \n Of the outstanding complaints yet to receive a final response by 30 October 2020, 2,209 relate to a specific group of complaints where significant guarantor payments on a loan have been a feature. The methodology for calculating redress for this specific group of complaints is being discussed with the FCA. Work to implement a revised redress approach has impacted our ability to issue a final response by 30 October 2020 for this section of complaints. Of the remaining outstanding cases under the VReq, 238 relate to cases where Amigo continues to work with a third party to collect the necessary information required to allow Amigo to calculate the redress\n due. \n \n \n \n \n \n Update on complaints\n \n \n We have turned a corner operationally in our handling of complaints, but the overall number received has, despite continued monthly volatility, remained at a high level for longer than we expected. We are therefore...