 surged on Monday after the chief executive shared an open letter. Gary Jennison was appointed chief executive last month){kind=link}
Amigo Holdings shares (LON: AMGO) surged on Monday after the chief executive shared an open letter.
Gary Jennison was appointed chief executive last month and shared an optimistic letter on his future at the company.
Jennison said that he had “successfully turned around three financial services businesses in my career, and I am determined to make this number four.”
“My job is to lead the turnaround, but I can’t do it on my own. Amigo is full of good people at all levels and we are working hard to fix the complaints, fix the relationship with the regulator, and get Amigo lending again. Our customers need us and by Amigo currently not lending more widely, they are the ones that are missing out,” he said.
“The ability of Amigo to help our current and future customers could genuinely change their lives and set them on a path to financial inclusion. This is our purpose and working together we can make Amigo great again,” he added.
Amigo Holdings made an agreement with the Financial Conduct Authority on the backlog of complaints, which will be resolved. The watchdog is also undergoing an investigation of the company.
Jennison said in his open letter that he has a good relationship with the Financial Conduct Authority and the Prudential Regulatory Authority, adding: ” I am going to spend my time building relationships with the key people in the regulator; to discuss my plans and to get their help to make sure what we’re planning to do is in line with what they want us to do. I need to ask them questions and listen to their answers.”
Amigo Holdings shares (LON: AMGO) are currently trading +6.29% at 10.82 (1521GMT).