Payday loan company Amigo Loans has cut ties with KPMG in appointing mid-tier accountancy firm MHA MacIntyre Hudson as its new auditor.
The subprime lender said in a statement it had appointed MHA MacIntyre Hudson as its new auditor after the accounting firm won a competitive tender for the contract to audit Amigo’s accounts.
KPMG said in a statement it will cease to audit Amigo’s accounts after it “decided not to participate” in the lender’s tender, “given the recent changes to the size and nature of the Group’s business, since the original tender and appointment.”
Amigo’s audit shakeup comes after the firm in July restarted lending after it was blocked from trading by the UK’s financial watchdog in March 2020.
The restart saw the beleaguered lender launch two new loan products after the UK’s Financial Conduct Authority (FCA) refrained from blocking Amigo’s plans.
In January, the UK’s Financial Reporting Council (FRC) launched an investigation into MHA MacIntyre over its 2018 and 2019 audits of London firm MRG Finance UK plc.
MHA MacIntyre Hudson declined to comment.
The post Amigo Loans cuts ties with KPMG following ‘competitive tender’ appeared first on CityAM.
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