Does any Christian Group believe in a forgiveness of sins, based purely on whom Jesus is, but without punishment?

I was privately approached by someone who objected to the wording 'penal substitutionary atonement'. They expressed the opinion that Jesus bore sins during his crucifixion but was 'forgiven' these sins, based on his own holiness. He, they say, was not punished. This sounded to me like a form of unrighteous nepotism. I questioned the fact that, in this scenario, the wrath of God was not propitiated. But there was no reply forthcoming. Is this a personal opinion on the part of the person who approached me ? Or is there a Christian Group who teaches such a doctrine ? -------------------------------------------------- I am looking for factual evidence of whether any Group holds this doctrine. *I am not asking for refutation or support of the doctrine.*