Amigo Loans rescue in doubt after FCA says it will object in court

Payday loans

Shares in high-cost lender down by almost quarter after regulator’s U-turn

Rescue plans put forward by the high-cost lender Amigo Loans were thrown into doubt on Tuesday after a U-turn by the main financial regulator, which said it would object in court to a deal, reversing its previous stance.

Shares in the company, which charges 49.9% interest and requires borrowers to provide a friend or family member to act as a guarantor, tumbled by almost a quarter after the intervention by the Financial Conduct Authority (FCA).

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