A television advert for the guarantor lender, whose profits rose to £111 million in the year to MarchAmigo Holdings has claimed that “myths” have developed around the guarantor loans industry and vowed to tackle them as it posted a jump in profits in its first set of annual results as a listed company. Since its flotation on the London stock exchange in June last year, Amigo and other guarantor lenders have faced growing scrutiny. The Financial Conduct Authority said earlier this year that it was increasing its focus on the industry. Amigo issues loans to individuals who have difficulty accessing credit that are guaranteed by a family member or friend, who are on the hook if the borrower misses a repayment. Amigo is the biggest player in the sector but its shares have come under pressure after the FCA said in March…

Source: The Times May 28, 2019 11:03 UTC